M+ Online Morning Market Buzz - 22 Nov 21

Dow Jones: 35,601.98 pts (-268.97pts, -0.75%)
⬆ Resistance:  37100
⬇ Support:  34900

FBM KLCI: 1,525.54 pts (+1.75pts, +0.11%)
⬆ Resistance:  1570
⬇ Support:  1490

HSI Index: 25,049.97 pts (-269.75pts, -1.07%)
⬆ Resistance:  26300
⬇ Support:  24400

Crude Palm Oil: RM4,993 (-RM5, -0.10%)
⬆ Resistance:  5180
⬇ Support:  4690

Brent Oil: $78.89 (-$2.35, -2.89%)
⬆ Resistance:  84.90
⬇ Support:  76.50

Gold: $1,845.73 (-$13.21, -0.71%)
⬆ Resistance:  1920
⬇ Support:  1810

M+ Online Technical Focus - 22 Nov 21
Jaya Tiasa Holdings Bhd: Driven by higher CPO prices

Trading Catalyst
• Close to 70,000.0-ha. planted areas in Sarawak with 6 timber concession licenses covering 541,181-ha and owns 4 palm oil mills with processing capacity of 330MT/hr. 
• Earnings growth will be supported by the healthy tree age profile with 100.0% of its CPO planted land comprises young mature and prime mature trees.
• We foresee CPO prices to remain on a high note, averaging between RM3,500-4,000/MT in 2022, which bodes well for the plantation industry in general.
• Technically, traders may anticipate for a breakout above RM0.685, targeting the next resistances at RM0.73-0.78 with long term target at RM0.87.

Technical View

(i) JTIASA (S: RM0.625, R: RM0.73-0.78, LT TP: RM0.87, CL: RM0.62)

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

Economic Releases For The Week (22/11/2021-26/11/2021):

22/11/2021
US - United States' Existing Home Sales, 11.00PM

24/11/2021
US - United States' 3Q21 GDP Growth Rate (Preliminary), 9.30PM
US - United States' New Home Sales, 11.00PM

25/11/2021
US - United States' FOMC Minutes, 3.00AM
MY - Malaysia's Inflation Rate, 12.00PM

Source: Bloomberg, M+ Online

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