M+ Online Morning Market Buzz - 13 Dec 21

Dow Jones: 35,970.99 pts (+216.30pts, +0.60%)
⬆ Resistance:  36800
⬇ Support:  34000

FBM KLCI: 1,488.88 pts (-12.91pts, -0.86%)
⬆ Resistance:  1540
⬇ Support:  1460

HSI Index: 23,995.72 pts (-259.14pts, -1.07%)
⬆ Resistance:  24900
⬇ Support:  22900

Crude Palm Oil: RM4,800 (+RM22, +0.46%)
⬆ Resistance:  5050
⬇ Support:  4630

Brent Oil: $75.15 (+$0.73, +0.98%)
⬆ Resistance:  78.30
⬇ Support:  68.90

Gold: $1,782.84 (+$7.51, +0.42%)
⬆ Resistance:  1830
⬇ Support:  1740

M+ Online Technical Focus - 13 Dec 21
FGV Holdings Bhd: Banking on higher production and CPO prices

Trading Catalyst
• One of the world largest producers of crude palm oil (CPO) with production makes up to about 15.0% of total annual output in Malaysia.
• Committed to halve greenhouse gas emissions by 2030 and hit net zero emissions by no later than 2050.
• Leveraging on the stronger production from the government initiative to bring 32,000 foreign workers, coupled with the high CPO prices that is standing above RM4,000/MT since mid-July 2021.
• Technically, traders may anticipate for a resistance breakout above RM1.51 to target the next resistances at RM1.55-1.67 with long term target set at RM1.80.

Technical View

(i) (S: RM1.41, R: RM1.55-1.67, LT TP: RM1.80, CL: RM1.40)

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

Economic Releases For The Week (13/11/2021-17/12/2021):

7/12/2021
EU - Eurozone's 3Q21 Preliminary GDP Growth Rate, 6.00PM
EU - Eurozone's ZEW Economic Sentiment Index, 6.00PM

13/12/2021
JP - Japan's Machinery Orders, 7.50AM
JP - Japan's Industrial Production, 12.30PM
UK - United Kingdom's Unemployment Rate, 3.00PM
EU - Eurozone's Industrial Production, 6.00PM
US - United States' Producer Price Index, 9.30PM

15/12/2021
CN - China's Retail Sales, 10.00AM
CN - China's Industrial Production, 10.00AM
CN - China's Unemployment Rate, 10.00AM
UK - United Kingdom's Inflation Rate, 3.00PM
US - United States' Retail Sales, 9.30PM

16/12/2021
US - United States' Federal Reserve Interest Rate Decision, 3.00AM
UK - United Kingdom's Bank of England's Interest Rate Decision, 8.00PM
EU - Eurozone's European Central Bank's Interest Rate Decision, 8.45PM
US - United States' Industrial Production, 10.15PM
US - United States' Manufacturing Production, 10.15PM

17/12/2021
JP - Japan's Bank of Japan's Interest Rate Decision, 11.00AM
UK - United Kingdom's Retail Sales, 3.00PM
EU - Eurozone's Inflation Rate, 6.00PM

Source: Bloomberg, M+ Online

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