M+ Online Morning Market Buzz - 6 Oct 21

Dow Jones: 34,314.67 pts (+311.75pts, +0.92%)
⬆ Resistance:  35300

⬇ Support:  33200

FBM KLCI: 1,530.42 pts (+7.95pts, +0.52%)
⬆ Resistance:  1590

⬇ Support:  1490

HSI Index: 24,104.15 pts (+67.78pts, +0.28%)
⬆ Resistance:  25200

⬇ Support:  23300

Crude Palm Oil: RM4,738 (+RM155, +3.38%)
⬆ Resistance:  4890

⬇ Support:  4300

Brent Oil: $82.56 (+$1.30, +1.60%)
⬆ Resistance:  84.80

⬇ Support:  76.00

Gold: $1,760.18 (-$9.39, -0.53%)
⬆ Resistance:  1810

⬇ Support:  1690

M+ Online Technical Focus - 6 Oct 21

Wah Seong Corporation Bhd: Leveraging on higher crude oil prices

Trading Catalyst
• An international oil & gas and industrial services specialist with established footprints in more than 14 countries worldwide.
• Outstanding orderbook of RM1.40bn, representing orderbook-to-cover ratio of 1.0x against FY20 revenue of RM1.41bn will provide earnings visibility over the next year and is actively tendering for jobs amounting to RM4.00bn globally, particularly in Africa and Australia.
• Rising crude oil prices with Brent oil prices which now surpassed USD 80/bbl bodes well for WASEONG to leverage on the rising exploration and production activities.

• Technically, traders may anticipate for a breakout above RM0.715, targeting the next resistances at RM0.77-0.82 with long term target at RM0.885.

Technical View

(i) WASEONG (S: RM0.65, R: RM0.77-0.82, LT TP: RM0.885, CL: RM0.645)

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

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.

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.