M+ Online Morning Market Buzz - 5 May 22

Dow Jones: 34,061.06 pts (+932.27pts, +2.81%)
⬆ Resistance:  34900
⬇ Support:  31900

FBM KLCI: 1,600.43 pts (+3.12pts, +0.20%)
⬆ Resistance:  1640
⬇ Support:  1560

HSI Index: 20,869.52 pts (-232.37pts, -1.10%)
⬆ Resistance:  21800
⬇ Support:  19600

Crude Palm Oil: RM7,104 (+RM190, +2.75%)
⬆ Resistance:  7380
⬇ Support:  6580

Brent Oil: $110.14 (+$5.17, +4.93%)
⬆ Resistance:  113.30
⬇ Support:  101.10

Gold: $1,881.22 (+$13.10, +0.70%)
⬆ Resistance:  1960
⬇ Support:  1820

M+ Online Technical Focus - 5 May 22
Hibiscus Petroleum Bhd: Riding on the upcycle of crude oil prices

Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia. 
• The completed acquisition of Repsol Exploración SA assets will generate more than double of its daily production to 23,000 bdp.
• One of the prime beneficiaries under the high crude oil prices environment (Brent oil price is hovering above USD100/bbl).
• Technically, price has formed a flag-formation breakout above RM1.25, targeting the next resistances at RM1.30-1.38 with long term target set at RM1.50.

Technical View

(i) HIBISCS (S: RM1.16, R: RM1.30-1.38, LT TP: RM1.50, CL: RM1.15)

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

Economic Releases For The Week (2/5/2022-6/5/2022):

2/5/2022
JP - Japan's Jibun Bank Manufacturing PMI, 8:30AM
JP - Japan's Consumer Confidence, 1.00PM
EU - Eurozone's S&P Global Manufacturing PMI, 4.00PM
US - United States' S&P Global Manufacturing PMI, 9:45PM
US - United States' ISM Manufacturing PMI, 10:00PM

3/5/2022
UK - United Kingdom's S&P Global Manufacturing PMI, 4:30PM
EU - Eurozone's Unemployment Rate, 5:00PM
EU - Eurozone's Producer Price Index, 5:00PM
US - United States' Factory Orders, 10:00PM

4/5/2022
EU - Eurozone's S&P Global Services PMI, 4.00PM
EU - Eurozone's S&P Global Composite PMI, 4.00PM
EU - Eurozone's Retail Sales, 5:00PM
US - United States' S&P Global Services PMI, 9:45PM
US - United States' S&P Global Composite PMI, 9:45PM
US - United States' ISM Non-Manufacturing PMI, 10:00PM

5/5/2022
US - United States' Federal Reserve Interest Rate Decision, 2.00AM
MY - Malaysia's S&P Global Manufacturing PMI, 8:30AM
CN - China's Caixin Composite PMI, 9:45AM
CN - China's Caixin Services PMI, 9:45AM
UK - United Kingdom's Bank of England's Interest Rate Decision, 7:00PM
UK - United Kingdom's Bank of England's Quantitative Easing, 7:00PM

6/5/2022
US - United States' Unemployment Rate, 8:30PM

Source: Bloomberg, M+ Online

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