M+ Online Morning Market Buzz - 29 Nov 21

Dow Jones: 34,899.34 pts (-905.04pts, -2.53%)
⬆ Resistance:  36700
⬇ Support:  34100

FBM KLCI: 1,512.22 pts (-5.38pts, -0.35%)
⬆ Resistance:  1570
⬇ Support:  1480

HSI Index: 24,080.52 pts (-659.64pts, -2.67%)
⬆ Resistance:  25700
⬇ Support:  23600

Crude Palm Oil: RM4,849 (-RM78, -1.58%)
⬆ Resistance:  5130
⬇ Support:  4750

Brent Oil: $72.72 (-$9.50, -11.55%)
⬆ Resistance:  84.70
⬇ Support:  70.70

Gold: $1,802.59 (+$13.74, +0.77%)
⬆ Resistance:  1890
⬇ Support:  1750

M+ Online Technical Focus - 29 Nov 21
Comfort Gloves Bhd: Light at end of tunnel

Trading Catalyst
• Established in 1993 with manufacturing plants housed at Simpang and Matang, Taiping, Perak with 58% of revenue are derived from overseas market.
• Plans to build a production facility in Bemban, Batu Gajah, Perak that will be capable of producing up to 14.5bn gloves per annum.
• Equipped with a solid balance sheet with a net cash position of RM299.7m, translating to net cash per share of RM0.51 (c.42.1% of share price) as of 2QFY22.
• Technically, price has formed a resistance breakout above RM1.20, targeting the next resistances at RM1.32-1.39 with long term target at RM1.55.

Technical View

(i) COMFORT (S: RM1.05, R: RM1.32-1.39, LT TP: RM1.55, CL: RM1.04)

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

Economic Releases For The Week (29/11/2021-3/12/2021):

29/11/2021
EU - Eurozone's Consumer Confidence, 6.00PM
EU - Eurozone's Economic Sentiment, 6.00PM
EU - Eurozone's Industrial Sentiment, 6.00PM
EU - Eurozone's Services Sentiment, 6.00PM
US - United States' Pending Home Sales, 11.00PM

30/11/2021
JP - Japan's Unemployment Rate, 7.30AM
CN - China's NBS Manufacturing PMI, 9.00AM
CN - China's Non-Manufacturing PMI, 9.00AM
MY - Malaysia's Producer Price Index, 12.00PM

1/12/2021
JP - Japan's Jibun Bank Manufacturing PMI, 8.30AM
MY - Malaysia's Markit Manufacturing PMI, 8.30AM
CN - China's Caixin Manufacturing PMI, 9.45AM
EU - Eurozone's Markit Manufacturing PMI, 5.00PM
UK - United Kingdom's Markit Manufacturing PMI, 5.30PM
US - United States' Markit Manufacturing PMI, 10.45PM
US - United States' ISM Manufacturing PMI, 11.00PM

2/12/2021
JP - Japan's Consumer Confidence, 1.00PM
EU - Eurozone's Unemployment Rate, 6.00PM
EU - Eurozone's Producer Price Index, 6.00PM

3/12/2021
JP - Japan's Jibun Bank Composite PMI, 8.30AM
JP - Japan's Jibun Bank Services PMI, 8.30AM
CN - China's Caixin Services PMI, 9.45AM
CN - China's Caixin Composite PMI, 9.45AM
EU - Eurozone's Markit Composite PMI, 5.00PM
EU - Eurozone's Markit Services PMI, 5.00PM
UK - United Kingdom's Markit Composite PMI, 5.30PM
UK - United Kingdom's Markit Services PMI, 5.30PM
EU - Eurozone's Retail Sales, 6.00PM
US - United States' Unemployment Rate, 9.30PM
US - United States' Markit Services PMI, 10.45PM
US - United States' Markit Composite PMI, 10.45PM
US - United States' ISM Non-Manufacturing PMI, 11.00PM
US - United States' Factory Orders, 11.00PM

Source: Bloomberg, M+ Online

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