M+ Online Morning Market Buzz - 3 Jan 22

Dow Jones: 36,338.30 pts (-59.78pts, -0.16%)
⬆ Resistance:  37500
⬇ Support:  35300

FBM KLCI: 1,567.53 pts (+23.92pts, +1.55%)
⬆ Resistance:  1600
⬇ Support:  1490

HSI Index: 23,397.67 pts (+285.66pts, +1.24%)
⬆ Resistance:  24100
⬇ Support:  22600

Crude Palm Oil: RM4,697 (+RM14, +0.30%)
⬆ Resistance:  4900
⬇ Support:  4510

Brent Oil: $77.78 (-$1.54, -1.94%)
⬆ Resistance:  81.80
⬇ Support:  74.30

Gold: $1,829.20 (+$14.53, +0.80%)
⬆ Resistance:  1870
⬇ Support:  1760

M+ Online Technical Focus - 3 Jan 22
Three-A Resources Bhd: Riding onto the economic recovery

Trading Catalyst
• Regarded as one of the leading food and beverage ingredients manufacturer which supply its products locally (52%), to Singapore (9%) and other foreign countries (32%). 
• Committed to automation plans in order to improve production efficiency and ramps up the research and development to meet the market’s requirements.
• Demand for confectionery players will remain firm over the foreseeable future, backed by the gradual recovery in economic activities as retail spending picks up.
• Technically, traders may anticipate for a potential short-term flag-formation breakout above RM1.01 to target the next resistances at RM1.06-1.10 with long term target at RM1.15.

Technical View

(i) 3A (S: RM0.965, R: RM1.06-1.10, LT TP: RM1.15, CL: RM0.96)

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

Economic Releases For The Week (3/1/2022-7/1/2022):

3/1/2022
MY - Malaysia's Markit Manufacturing PMI, 8.30AM
EU - Eurozone's Markit Manufacturing PMI, 5.00PM
US - United States' Markit Manufacturing PMI, 10.45PM

4/1/2022
JP - Japan's Jibun Bank Manufacturing PMI, 8.30AM
CN - China's Caixin Manufacturing PMI, 9.45AM
UK - United Kingdom's Markit Manufacturing PMI, 5.30PM
US - United States' ISM Manufacturing PMI, 11.00PM

5/1/2022
JP - Japan's Consumer Confidence, 1.00PM
EU - Eurozone's Markit Composite PMI, 5.00PM
EU - Eurozone's Markit Services PMI, 5.00PM
US - United States' Markit Services PMI, 10.45PM
US - United States' Markit Composite PMI, 10.45PM

6/1/2022
US - United States' FOMC Minutes, 3.00AM
JP - Japan's Jibun Bank Services PMI, 8.30AM
JP - Japan's Jibun Bank Composite PMI, 8.30AM
CN - China's Caixin Services PMI, 9.45AM
CN - China's Caixin Composite PMI, 9.45AM
UK - United Kingdom's Markit Services PMI, 5.30PM
UK - United Kingdom's Markit Composite PMI, 5.30PM
EU - Eurozone's Producer Price Index, 6.00PM
US - United States' ISM Non-Manufacturing PMI, 11.00PM
US - United States' Factory Orders, 11.00PM

7/1/2022
EU - Eurozone's Retail Sales, 6.00PM
EU - Eurozone's Economic Sentiment, 6.00PM
EU - Eurozone's Industrial Sentiment, 6.00PM
EU - Eurozone's Services Sentiment, 6.00PM
EU - Eurozone's Consumer Confidence, 6.00PM
US - United States' Unemployment Rate, 9.30PM

Source: Bloomberg, M+ Online

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