M+ Online Morning Market Buzz - 27 Dec 21

Dow Jones: 35,950.56 pts (+196.67pts, +0.55%)
⬆ Resistance:  36800
⬇ Support:  34000

FBM KLCI: 1,516.45 pts (+0.03pts, +0.00%)
⬆ Resistance:  1550
⬇ Support:  1470

HSI Index: 23,223.76 pts (+30.12pts, +0.13%)
⬆ Resistance:  23900
⬇ Support:  22300

Crude Palm Oil: RM4,649 (+RM171, +3.82%)
⬆ Resistance:  4750
⬇ Support:  4210

Brent Oil: $76.14 (+$0.38, +0.50%)
⬆ Resistance:  78.60
⬇ Support:  67.90

Gold: $1,817.32 (+$8.51, +0.47%)
⬆ Resistance:  1870
⬇ Support:  1750

M+ Online Technical Focus - 27 Dec 21
Resintech Bhd: Plant expansion on the cards

Trading Catalyst
• Engaged in the manufacturing and trading of a range of plastic pipes, water tanks and fittings and diversified into manufacturing of road barriers in 2013.
• Purchasing a 4.0-ha piece of freehold land in Telok Panglima Garang, Selangor, for RM23.5m to cater to the future expansion of its production and warehouse operations.
• To tap into the water-related infrastructure projects such as the Rasau Water Treatment Plant and supply of water to rural areas under the Budget 2022 allocation.
• Technically, price has experienced a short-term flag-formation breakout above RM0.865, targeting the next resistances at RM0.955-1.05 with long term target set at RM1.20.

Technical View

(i) RESINTC (S: RM0.79, R: RM0.955-1.05, LT TP: RM1.2, CL: RM0.295)

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

Economic Releases For The Week (27/12/2021-31/12/2021):

27/12/2021
JP - Japan's Retail Sales, 7.50AM

28/12/2021
JP - Japan's Unemployment Rate, 7.30AM

29/12/2021
US - United States' Pending Home Sales, 11.00PM

30/12/2021
MY - Malaysia's Producer Price Index, 12.00PM

31/12/2021
CN - China's NBS Manufacturing PMI, 9.00AM
CN - China's Non Manufacturing PMI, 9.00AM

Source: Bloomberg, M+ Online

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