M+ Online Morning Market Buzz - 15 Dec 21

Dow Jones: 35,544.18 pts (-106.77pts, -0.30%)
⬆ Resistance:  36800
⬇ Support:  34800

FBM KLCI: 1,480.92 pts (-13.94pts, -0.93%)
⬆ Resistance:  1540
⬇ Support:  1460

HSI Index: 23,635.95 pts (-318.63pts, -1.33%)
⬆ Resistance:  24900
⬇ Support:  23100

Crude Palm Oil: RM4,699 (-RM34, -0.72%)
⬆ Resistance:  5050
⬇ Support:  4610

Brent Oil: $73.70 (-$0.69, -0.93%)
⬆ Resistance:  78.30
⬇ Support:  71.20

Gold: $1,770.85 (-$15.82, -0.89%)
⬆ Resistance:  1830
⬇ Support:  1740

M+ Online Technical Focus - 15 Dec 21
AYS Ventures Bhd: Supported by stabilising steel prices

Trading Catalyst
• Principally involved in the distribution of steel products & construction materials, warehousing and storage services in Port Klang Free Trade Zone and provision of 3D modelling of construction projects.
• Proposed disposal of a freehold land measuring 2.2-ac and properties for RM10.8m will provide buffers to fund working capital for business purposes.
• US Infrastructure Bill and ramp-up of usage in automotive and electronic producers are expected to provide some cushion to the slowdown in China’s consumption.
• Technically, price has formed a short-term consolidation breakout above RM0.58, targeting the next resistances at RM0.63-0.70 with long term target set at RM0.90.

Technical View

(i) AYS (S: RM0.52, R: RM0.63-0.70, LT TP: RM0.90, CL: RM0.515)

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

Source: Bloomberg, M+ Online

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