M+ Online Morning Market Buzz - 24 Nov 21

Dow Jones: 35,813.80 pts (+194.55pts, +0.55%)
⬆ Resistance:  36900
⬇ Support:  34900

FBM KLCI: 1,522.88 pts (-3.99pts, -0.26%)
⬆ Resistance:  1570
⬇ Support:  1490

HSI Index: 24,651.58 pts (-299.76pts, -1.20%)
⬆ Resistance:  26200
⬇ Support:  24200

Crude Palm Oil: RM4,852 (-RM107, -2.16%)
⬆ Resistance:  5180
⬇ Support:  4740

Brent Oil: $79.70 (+$2.40, +3.01%)
⬆ Resistance:  84.30
⬇ Support:  76.10

Gold: $1,789.16 (-$15.49, -0.86%)
⬆ Resistance:  1910
⬇ Support:  1750

M+ Online Technical Focus - 24 Nov 21
Sand Nisko Capital Bhd: Turning the tide

Trading Catalyst
• One of the leading rubberwood furniture manufacturers in Malaysia with exposure in the trading of logs and sawn timber and construction activities.
• Secured RM34.5m construction works on 7 property development projects in Melaka in mid-2021 and will continue to lookout for opportunities on under-served residential market in Melaka.
• Although timber prices have softened since mid-2021, we gather that current prices are still very much above pre-Covid-19 levels which may sustain profitability.
• Technically, price has formed a short-term consolidation breakout above RM0.60, targeting the next resistances at RM0.69-0.755 with long term target at RM0.85.

Technical View

(i) SNC (S: RM0.54, R: RM0.69-0.755, LT TP: RM0.85, CL: RM0.535)

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

Source: Bloomberg, M+ Online

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