M+ Online Morning Market Buzz - 23 Mar 22

Dow Jones: 34,807.46 pts (+254.47pts, +0.74%)
⬆ Resistance:  35600
⬇ Support:  32800

FBM KLCI: 1,585.81 pts (-1.35pts, -0.09%)
⬆ Resistance:  1630
⬇ Support:  1530

HSI Index: 21,889.28 pts (+667.94pts, +3.15%)
⬆ Resistance:  22400
⬇ Support:  18300

Crude Palm Oil: RM5,967 (+RM8, +0.13%)
⬆ Resistance:  6300
⬇ Support:  5510

Brent Oil: $115.48 (-$0.14, -0.12%)
⬆ Resistance:  121.90
⬇ Support:  95.00

Gold: $1,921.69 (-$14.22, -0.73%)
⬆ Resistance:  1990
⬇ Support:  1860
 

M+ Online Technical Focus - 23 Mar 22
Pentamaster Corporation Bhd: Medical devices to drive growth

Trading Catalyst
• Penang-based automation manufacturing and technology solutions provider that was established in 1991.
• New manufacturing plant will drive earnings growth as the group seeks to deepen foothold in the medical device segment and bring the growth of the factory automation solutions (FAS) segment to the next level.
• Allocated RM60.0m for FY21-23 to develop medical devices manufacturing business on 3.5-ac plant in Batu Kawan and setting up a new plant in the area.
• Technically, traders may anticipate for a rebound above RM3.89 to target the next resistances at RM4.16-4.37 with long term target at RM4.90.

Technical View

(i) PENTA (S: RM3.53, R: RM4.16-4.37, LT TP: RM4.90, CL: RM3.52)

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

Source: Bloomberg, M+ Online

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