M+ Online Morning Market Buzz - 19 Jan 22

Dow Jones: 35,368.47 pts (-543.34pts, -1.51%)
⬆ Resistance:  37300
⬇ Support:  34600

FBM KLCI: 1,542.92 pts (-12.41pts, -0.80%)
⬆ Resistance:  1610
⬇ Support:  1520

HSI Index: 24,112.78 pts (-105.25pts, -0.43%)
⬆ Resistance:  25100
⬇ Support:  23600

Crude Palm Oil: RM5,034 (-RM89, -1.74%)
⬆ Resistance:  5270
⬇ Support:  4820

Brent Oil: $87.51 (+$1.03, +1.19%)
⬆ Resistance:  90.50
⬇ Support:  81.90

Gold: $1,813.74 (-$5.49, -0.30%)
⬆ Resistance:  1870
⬇ Support:  1770

M+ Online Technical Focus - 19 Jan 22
Frontken Corporation Bhd: New plant facility to spur growth

Trading Catalyst
• Regarded as one of the leading providers of (i) support services to the semiconductor industry, (ii) surface treatment and mechanical engineering solutions, serving a wide-range of industries.
• New plant facility acquisition at Taiwan that is expected to commission in 2H22 will provide a new avenue of growth for the semiconductor business segment.
• Outlook remains promising, buoyed by the global semiconductor industry upcycle with demand remains relatively solid and the favourable USD/MYR exchange rate.
• Technically, price has formed a hammer candle, suggesting for a potential rebound to target the next resistances at RM3.57-3.77 with long term target at RM4.22.

Technical View

(i) FRONTKN (S: RM3.20, R: RM3.57-3.77, LT TP: RM4.22, CL: RM3.19)

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

Source: Bloomberg, M+ Online

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