M+ Online Morning Market Buzz - 2 Dec 21

Dow Jones: 34,022.04 pts (-461.68pts, -1.34%)
⬆ Resistance:  36100
⬇ Support:  33400

FBM KLCI: 1,496.93 pts (-17.05pts, -1.13%)
⬆ Resistance:  1560
⬇ Support:  1470

HSI Index: 23,658.92 pts (+183.66pts, +0.78%)
⬆ Resistance:  25300
⬇ Support:  22800

Crude Palm Oil: RM4,684 (+RM12, +0.26%)
⬆ Resistance:  5100
⬇ Support:  4550

Brent Oil: $68.87 (-$1.70, -2.41%)
⬆ Resistance:  84.30
⬇ Support:  66.80

Gold: $1,781.73 (+$7.21, +0.41%)
⬆ Resistance:  1860
⬇ Support:  1740

M+ Online Technical Focus - 2 Dec 21
Elsoft Research Bhd: Widening services and clientele base

Trading Catalyst
• Engages in the research, design and development of test, burn-in and application specific embedded system with key clients include multinational companies like Philips, Avago, Osram, Cree Technology and Liteon.
• Focused on the expansion of its product range to include front-end testing equipment in relation to the LED market.
• Capitalising on the solid global semiconductor sales that rose 27.6% YoY to USD48.3bn in September 2021.
• Technically, price has rebounded off the daily EMA60 level and traders may anticipate for further upside to target the next resistances at RM1.06-1.10 with long term target at RM1.20.

Technical View

(i) ELSOFT (S: RM0.935, R: RM1.06-1.10, LT TP: RM1.20, CL: RM0.93)

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

Source: Bloomberg, M+ Online

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