Dow Jones: 28,133.31 pts (-159.42pts, -0.56%)
⬆ Resistance:  29800
⬇ Support:  27200

FBM KLCI: 1,515.86 pts (+0.46pts, +0.03%)
⬆ Resistance:  1580
⬇ Support:  1470

HSI Index: 24,695.45 pts (-312.15pts, -1.25%)
⬆ Resistance:  26400
⬇ Support:  24000

Crude Palm Oil: RM2,835 (-RM56, -1.94%)
⬆ Resistance:  2970
⬇ Support:  2710

Brent Oil: $42.66 (-$1.41, -3.20%)
⬆ Resistance:  47.50
⬇ Support:  41.50

Gold: $1,933.94 (+$3.03, +0.16%)
⬆ Resistance:  2040
⬇ Support:  1880

M+ Online Technical Focus - 7Sep20
Spring Art Holdings Bhd: Leveraging on shift in working environment

Trading Catalyst
• 100% export oriented furniture manufacturer with products sold mostly to countries in the Middle East and Asia Pacific countries.
• Rapid shift of companies moving to working from home, in an effort to maintain business continuity ensures higher demand.
• To expand product range by releasing four new collections annually, with a focus on living room furniture and bedroom furniture.
• Technically, price has formed a flag-formation breakout above the daily EMA20 level which may propel share price higher towards the next resistances at RM0.265-RM0.275 with long term target at RM0.30.

Technical View

(i) SPRING (S: RM0.23, R: RM0.265-0.275, LT TP:RM0.30, CL:RM0.225)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online

Economic Releases For The Week (7/9/2020-11/9/2020):

8/9/2020
JP - Japan's 2Q2019 GDP Growth Rate, 7.50AM

9/9/2020
CN - China's Inflation Rate, 9.30AM
CN - China's Producer Price Index, 9.30AM

10/9/2020
JP - Japan's Machinery Orders, 7.50AM
MY - Malaysia's Bank Negara's Interest Rate Decision, 3.00PM
EU - Eurozone's European Central Bank's Interest Rate Decision, 7.45PM
US - United States' Producer Price Index, 8.30PM

11/9/2020
JP - Japan's Producer Price Index, 7.50AM
MY - Malaysia's Unemployment Rate, 12.00PM
MY - Malaysia's Industrial Production, 12.00PM
MY - Malaysia's Retail Sales, 12.00PM
UK - United Kingdom's Manufacturing Production, 2.00PM
UK - United Kingdom's Industrial Production, 2.00PM
US - United States' Inflation Rate, 8.30PM

Source: Bloomberg, M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.