M+ Online Morning Market Buzz - 23 Feb 22

Dow Jones: 33,596.61 pts (-482.57pts, -1.42%)
⬆ Resistance:  35800
⬇ Support:  32700

FBM KLCI: 1,576.96 pts (-5.73pts, -0.36%)
⬆ Resistance:  1650
⬇ Support:  1540

HSI Index: 23,520.00 pts (-650.07pts, -2.69%)
⬆ Resistance:  25400
⬇ Support:  22900

Crude Palm Oil: RM5,840 (-RM44, -0.75%)
⬆ Resistance:  5980
⬇ Support:  5260

Brent Oil: $96.84 (+$1.45, +1.52%)
⬆ Resistance:  101.50
⬇ Support:  88.40

Gold: $1,898.64 (-$7.65, -0.40%)
⬆ Resistance:  1960
⬇ Support:  1820

M+ Online Technical Focus - 23 Feb 22
Choo Bee Metal Industries Bhd: Riding onto the strong demand

Trading Catalyst
• Started off since 1940s and has now evolved into one of the leading steel tube and pipe manufacturer and distributor of steel products in Malaysia.
• Demand to remain resilient from strong sales of home appliances, electronics and automobiles.
• Elevated average selling prices brought about by the global shortage of steel making raw materials in the market to remain in place for 1H22.
• Technically, traders may anticipate for a potential breakout above RM1.94 to target the next resistances at RM2.03-2.10 with long term target set at RM2.25.

Technical View

(i) CHOOBEE (S: RM1.77, R: RM2.03-2.10, LT TP: RM2.25, CL: RM1.76)

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

Source: Bloomberg, M+ Online

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