M+ Online Morning Market Buzz - 27 Oct 21

Dow Jones: 35,756.88 pts (+15.73pts, +0.04%)
⬆ Resistance:  36700
⬇ Support:  34800

FBM KLCI: 1,584.20 pts (-3.74pts, -0.24%)
⬆ Resistance:  1650
⬇ Support:  1560

HSI Index: 26,038.27 pts (-93.76pts, -0.36%)
⬆ Resistance:  26800
⬇ Support:  25400

Crude Palm Oil: RM5,012 (+RM43, +0.87%)
⬆ Resistance:  5330
⬇ Support:  4720

Brent Oil: $86.40 (+$0.41, +0.48%)
⬆ Resistance:  88.50
⬇ Support:  81.70

Gold: $1,792.91 (-$14.82, -0.82%)
⬆ Resistance:  1860
⬇ Support:  1740

M+ Online Technical Focus - 27 Oct 21
Tashin Holdings Bhd: Timely capacity expansion

Trading Catalyst
• Engaged in trading and manufacturing of steel related products that are widely used in the automotive, furniture, electronics & electrical, construction and engineering fabrication sectors.
• On-going acquisition of two parcels of industrial land and buildings measuring 6.5-ac and 4.0-ac respectively is expected to boost production annual capacity to 222,720 tonnes (from current 149,520 tonnes).  
• Expansion deemed to be timely in view of recovery of economic activities alongside with the pent-up demand to building materials products.
• Technically, traders may anticipate for a breakout above RM0.60, targeting the next resistances at RM0.655-0.68 with long term target at RM0.80.

Technical View

(i) TASHIN (S: RM0.545, R: RM0.655-0.68, LT TP: RM0.80, CL: RM0.54)

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

Source: Bloomberg, M+ Online

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