M+ Online Morning Market Buzz - 20 Apr 22

Dow Jones: 34,911.20 pts (+499.51pts, +1.45%)
⬆ Resistance:  35700
⬇ Support:  33500

FBM KLCI: 1,581.14 pts (-7.87pts, -0.50%)
⬆ Resistance:  1640
⬇ Support:  1550

HSI Index: 21,027.76 pts (-490.32pts, -2.28%)
⬆ Resistance:  22100
⬇ Support:  20500

Crude Palm Oil: RM6,463 (+RM143, +2.26%)
⬆ Resistance:  6660
⬇ Support:  5950

Brent Oil: $107.25 (-$5.91, -5.22%)
⬆ Resistance:  117.20
⬇ Support:  102.00

Gold: $1,950.09 (-$28.82, -1.46%)
⬆ Resistance:  2040
⬇ Support:  1910

M+ Online Technical Focus - 20 Apr 22
Innoprise Plantations Bhd: Improving FFB production and riding onto high CPO prices

Trading Catalyst
• Currently undertaking the development on 22,763-ha of land across 6 estates of which approximately 12,500-ha are suitable for oil palm planting and 1 palm oil mill in Sabah.
• FFB production to improve in 2022 in view of the higher yields arising from the better tree age profile.
• CPO prices will remain elevated above RM5,000/MT over the foreseeable future, owing to the tighter supply from Indonesia, prolonged supply chain disruption and robust demand amid recovering consumer sentiment.
• Technically, price has formed flag-formation breakout above RM1.89, targeting the next resistances at RM2.00-2.08 with long term target set at RM2.30.

Technical View

(i) INNO (S: RM1.77, R: RM2.00-2.08, LT TP: RM2.30, CL: RM1.76)

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

Source: Bloomberg, M+ Online

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