M+ Online Morning Market Buzz - 8 Oct 21

Dow Jones: 34,754.94 pts (+337.95pts, +0.98%)
⬆ Resistance:  35700
⬇ Support:  33200

FBM KLCI: 1,561.29 pts (+1.87pts, +0.12%)
⬆ Resistance:  1600
⬇ Support:  1490

HSI Index: 24,701.73 pts (+735.24pts, +3.07%)
⬆ Resistance:  25300
⬇ Support:  23300

Crude Palm Oil: RM4,849 (-RM23, -0.47%)
⬆ Resistance:  4980
⬇ Support:  4400

Brent Oil: $81.95 (+$0.87, +1.07%)
⬆ Resistance:  85.20
⬇ Support:  76.00

Gold: $1,755.78 (-$6.96, -0.39%)
⬆ Resistance:  1810
⬇ Support:  1720

M+ Online Technical Focus - 8 Oct 21
Able Global Bhd: Mexico operations to drive growth

Trading Catalyst
• Total production capacity of 280,000MT for dairy and 48,000MT for tin with products exported to more than 40 countries worldwide.
• Mexico foray has begun commercial operations in July 2021 for both the condensed and evaporated milk, while the proposed development of an industrial park known as Able Bizpark at Carey Island will provide a new avenue of income stream.
• Mexico venture will bode will to improve the geographical presence in the South America and also able to mitigate the impact of rising freight charges.
• Technically, traders may anticipate for a potential flag-formation breakout above RM1.77, targeting the next resistances at RM1.84-1.93 with long term target at RM2.05.

Technical View

(i) ABLEGLOB (S: RM1.67, R: RM1.84-1.93, LT TP: RM2.05, CL: RM1.66)

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

Source: Bloomberg, M+ Online

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