M+ Online Morning Market Buzz - 5 Jan 22

Dow Jones: 36,799.65 pts (+214.59pts, +0.59%)
⬆ Resistance:  37700
⬇ Support:  35600

FBM KLCI: 1,541.90 pts (-7.15pts, -0.46%)
⬆ Resistance:  1600
⬇ Support:  1510

HSI Index: 23,289.84 pts (+15.09pts, +0.06%)
⬆ Resistance:  24100
⬇ Support:  22600

Crude Palm Oil: RM4,914 (+RM24, +0.49%)
⬆ Resistance:  5030
⬇ Support:  4560

Brent Oil: $80.00 (+$1.02, +1.29%)
⬆ Resistance:  82.20
⬇ Support:  75.50

Gold: $1,814.60 (+$13.15, +0.73%)
⬆ Resistance:  1870
⬇ Support:  1760

M+ Online Technical Focus - 5 Jan 22
OM Holdings Ltd: Capacity expansion to capture improving demand

Trading Catalyst
• A vertically integrated manganese ore and ferroalloy company that involved in mining, smelting and trading.
• Embarking on its relatively large-scale expansion plan that will boost additional 150k MT/pa of Mn alloys in FY23 to existing capacity of 300k MT/pa of Mn alloys.
• Earnings growth will be driven by the surging steel demand and increasing industry usage from the construction, infrastructure, energy and automotive sectors.
• Technically, price has formed a short-term resistance breakout above RM2.93, targeting the next resistances at RM3.12-3.27 with long term target at RM3.60.

Technical View

(i) OMH (S: RM2.64, R: RM3.12-3.27, LT TP: RM3.60, CL: RM2.63)

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

Source: Bloomberg, M+ Online

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