M+ Online Morning Market Buzz - 9 May 22

Dow Jones: 32,899.37 pts (-98.60pts, -0.30%)
⬆ Resistance:  34900
⬇ Support:  31900

FBM KLCI: 1,564.34 pts (-18.64pts, -1.18%)
⬆ Resistance:  1650
⬇ Support:  1540

HSI Index: 20,001.96 pts (-791.44pts, -3.81%)
⬆ Resistance:  21800
⬇ Support:  19600

Crude Palm Oil: RM6,400 (-RM352, -5.21%)
⬆ Resistance:  7070
⬇ Support:  6220

Brent Oil: $112.39 (+$1.49, +1.34%)
⬆ Resistance:  116.30
⬇ Support:  101.10

Gold: $1,883.81 (+$6.36, +0.35%)
⬆ Resistance:  1950
⬇ Support:  1820

M+ Online Technical Focus - 9 May 22
Lii Hen Industries Bhd: Leveraging onto firmer USD/MYR exchange rate

Trading Catalyst
• One of the leading furniture manufacturers in Malaysia in UV Robotic finishing product to Solid Dinettes.
• Expansion of new factory building that was carried out since 2020 and is expected to be completed in 1H22 that will add close to 200,000 sqf of built-up area.
• To leverage on the favourable exchange rate with the USD soaring strongly above MYR in recent weeks as the group predominantly generate their revenue through overseas markets.
• Technically, traders may anticipate for a potential flag-formation breakout above RM3.10 to target the next resistances at RM3.20-3.28 with long term target set at RM3.50.

Technical View

(i) LIIHEN (S: RM3.00, R: RM3.20-3.28, LT TP: RM3.50, CL: RM2.99)

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

Source: Bloomberg, M+ Online

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