M+ Online Morning Market Buzz - 18 May 22

Dow Jones: 32,654.59 pts (+431.17pts, +1.34%)
⬆ Resistance:  33400
⬇ Support:  30700

FBM KLCI: 1,548.60 pts (+4.19pts, +0.27%)
⬆ Resistance:  1600
⬇ Support:  1510

HSI Index: 20,602.52 pts (+652.31pts, +3.27%)
⬆ Resistance:  21100
⬇ Support:  19000

Crude Palm Oil: RM6,166 (+RM50, +0.82%)
⬆ Resistance:  6720
⬇ Support:  5890

Brent Oil: $111.93 (-$2.31, -2.02%)
⬆ Resistance:  118.10
⬇ Support:  99.30

Gold: $1,815.16 (-$8.98, -0.49%)
⬆ Resistance:  1900
⬇ Support:  1760

M+ Online Technical Focus - 18 May 22
QES Group Bhd: New manufacturing capacity to boost growth

Trading Catalyst
• Involves in the distribution and manufacturing of automated test equipment (ATE) with offices in Malaysia, Singapore, Thailand, Indonesia, Philippines and Vietnam.
• Aims to expand their regional presence into China via their subsidiary company; QES Hong Kong. 
• Building a new factory with a manufacturing space of approximately 100,000 sqf in Batu Kawan, Penang with construction expected to commence in 2H22.
• Technically price has experienced a short-term consolidation breakout above RM0.615 and may target the next resistances at RM0.685-0.715 with long term target set at RM0.81.

Technical View

(i) QES (S: RM0.555, R: RM0.685-0.715, LT TP: RM0.81, CL: RM0.55)

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

Source: Bloomberg, M+ Online

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