M+ Online Morning Market Buzz - 30 Aug 21

Dow Jones: 35,455.80 pts (+242.68pts, +0.69%)
⬆ Resistance:  36300
⬇ Support:  34500

FBM KLCI: 1,590.16 pts (+4.42pts, +0.28%)
⬆ Resistance:  1630
⬇ Support:  1490

HSI Index: 25,407.89 pts (-7.80pts, -0.03%)
⬆ Resistance:  26600
⬇ Support:  24600

Crude Palm Oil: RM4,333 (-RM59, -1.34%)
⬆ Resistance:  4510
⬇ Support:  4080

Brent Oil: $72.70 (+$1.63, +2.29%)
⬆ Resistance:  74.30
⬇ Support:  63.40

Gold: $1,817.57 (+$25.14, +1.40%)
⬆ Resistance:  1860
⬇ Support:  1750

M+ Online Technical Focus - 30 Aug 21
Hibiscus Petroleum Bhd: Riding on higher crude oil prices

Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia. 
• Proposed acquisition of Repsol Exploración SA assets which has approximately 2.0% of global net crude oil output for USD212.5m cash will HIBISCS double daily production to 18,500 bdp.
• Riding on recovery in crude oil prices amid improved demand, supply disruptions and escalating geopolitical tension in the Middle East.
• Technically, price has formed a flag-formation breakout above RM0.655 level, targeting the next resistances at RM0.68-0.705 with long term target set at RM0.73.

Technical View

(i) HIBISCS (S: RM0.625, R: RM0.68-0.705, LT TP: RM0.73, CL: RM0.62)

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

Economic Releases For The Week (30/8/2021-3/9/2021):

30/8/2021
JP - Japan's Retail Sales, 7.50AM
EU - Eurozone's Consumer Confidence, 5.00PM
EU - Eurozone's Services Sentiment, 5.00PM
EU - Eurozone's Economic Sentiment, 5.00PM
EU - Eurozone's Industrial Sentiment, 5.00PM

31/8/2021
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Retail Sales, 7.50AM
JP - Japan's Industrial Production, 7.50AM
CN - China's NBS Manufacturing PMI, 9.00AM
CN - China's Non Manufacturing PMI, 9.00AM
JP - Japan's Consumer Confidence, 1.00PM

1/9/2021
JP - Japan's Jibun Bank Manufacturing PMI, 8.30AM
MY - Malaysia's Markit Manufacturing PMI, 8.30AM
CN - China's Caixin Manufacturing PMI, 9.45AM
EU - Eurozone's Markit Manufacturing PMI, 4.00PM
UK - United Kingdom's Markit Manufacturing PMI, 4.30PM
EU - Eurozone's Unemployment Rate, 5.00PM
US - United States' Markit Manufacturing PMI, 9.45PM
US - United States' ISM Manufacturing PMI, 10.00PM

2/9/2021
EU - Eurozone's Producer Price Index, 5.00PM
US - United States' Factory Orders, 10.00PM

3/9/2021
JP - Japan's Jibun Bank Services PMI, 8.30AM
JP - Japan's Jibun Bank Composite PMI, 8.30AM
CN - China's Caixin Services PMI, 9.45AM
CN - China's Caixin Composite PMI, 9.45AM
EU - Eurozone's Markit Services PMI, 4.00PM
EU - Eurozone's Markit Composite PMI, 4.00PM
UK - United Kingdom's Markit Services PMI, 4.00PM
UK - United Kingdom's Markit Composite PMI, 4.00PM
EU - Eurozone's Retail Sales, 5.00PM
US - United States' Unemployment Rate, 8.30PM
US - United States' Markit Services PMI, 9.45PM
US - United States' Markit Composite PMI, 9.45PM
US - United States' ISM Non-Manufacturing PMI, 10.00PM

Source: Bloomberg, M+ Online

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