M+ Online Morning Market Buzz - 2 Mar 22

Dow Jones: 33,294.95 pts (-597.65pts, -1.76%)
⬆ Resistance:  34800
⬇ Support:  31700

FBM KLCI: 1,596.44 pts (-11.84pts, -0.74%)
⬆ Resistance:  1660
⬇ Support:  1540

HSI Index: 22,761.71 pts (+48.69pts, +0.21%)
⬆ Resistance:  24300
⬇ Support:  22000

Crude Palm Oil: RM6,762 (+RM257, +3.80%)
⬆ Resistance:  6930
⬇ Support:  5640

Brent Oil: $104.97 (+$7.00, +7.15%)
⬆ Resistance:  109.90
⬇ Support:  93.90

Gold: $1,945.28 (+$36.29, +1.90%)
⬆ Resistance:  2020
⬇ Support:  1850

M+ Online Technical Focus - 2 Mar 22
Pantech Group Holdings Bhd: Improving domestic demand

Trading Catalyst
• One-stop centre for manufacturing and distribution of pipes, fittings, flanges, valves, and other related components that serves more than 500 customers worldwide.
• Leveraging on the rising commodity prices, both crude palm oil and crude oil being its key customers in the sector.
• Workflow resumption from re-opening of borders for oil & gas activities may flourish after numerous stop and start orders over the past two years.
• Technically, traders may anticipate for a potential rebound with confirmation to come in above RM0.635 to target the next resistances at RM0.68-0.70 with long term target at RM0.75.

Technical View

(i) PANTECH (S: RM0.58, R: RM0.68-0.70, LT TP: RM0.75, CL: RM0.575)

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

Source: Bloomberg, M+ Online

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