M+ Online Morning Market Buzz - 6 Apr 22

Dow Jones: 34,641.18 pts (-280.70pts, -0.80%)
⬆ Resistance:  36100
⬇ Support:  33900

FBM KLCI: 1,596.79 pts (-2.13pts, -0.13%)
⬆ Resistance:  1640
⬇ Support:  1550

HSI Index: 22,502.31 pts (+462.76pts, +2.10%)
⬆ Resistance:  23000
⬇ Support:  21200

Crude Palm Oil: RM5,915 (-RM48, -0.81%)
⬆ Resistance:  6110
⬇ Support:  5370

Brent Oil: $106.64 (-$0.89, -0.83%)
⬆ Resistance:  117.10
⬇ Support:  100.40

Gold: $1,923.60 (-$9.13, -0.47%)
⬆ Resistance:  1990
⬇ Support:  1880

M+ Online Technical Focus - 6 Apr 22
SCGM Bhd: ASP potentially on the rise

Trading Catalyst
• Regarded as one of the largest thermoform F&B packaging manufacturers in Malaysia with extensive network distribution in Singapore, Australia, Vietnam, Brunei and New Zealand market.
• Elevated resin prices may keep margins stable as the group adopts the cost-pass-through mechanism.
• Leveraging onto the food and beverage delivery and take-aways trend, resulting in uptake of food and beverage packaging.
• Technically, traders may anticipate for a potential short-term channel formation breakout above RM2.18, targeting the next resistances at RM2.27-2.40 with long term target at RM2.65.

Technical View

(i) SCGM (S: RM2.06, R: RM2.27-2.40, LT TP: RM2.65, CL: RM2.05)

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

Source: Bloomberg, M+ Online

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