M+ Online Morning Market Buzz - 23 May 22

Dow Jones: 31,261.90 pts (+8.77pts, +0.03%)
⬆ Resistance:  33400
⬇ Support:  30100

FBM KLCI: 1,549.12 pts (-0.29pts, -0.02%)
⬆ Resistance:  1600
⬇ Support:  1520

HSI Index: 20,717.24 pts (+596.56pts, +2.96%)
⬆ Resistance:  21300
⬇ Support:  19400

Crude Palm Oil: RM6,109 (+RM37, +0.61%)
⬆ Resistance:  6460
⬇ Support:  5810

Brent Oil: $112.55 (+$0.51, +0.46%)
⬆ Resistance:  118.10
⬇ Support:  103.60

Gold: $1,846.50 (+$4.65, +0.25%)
⬆ Resistance:  1890
⬇ Support:  1760

M+ Online Technical Focus - 23 May 22
Carimin Petroleum Bhd: Tagging onto elevated oil prices

Trading Catalyst
• Established since 1989 that specialise in provision of technical and engineering support services in the oil and gas industry in Malaysia.
• Teamed up with I Drill Pipelines Constructions Sdn Bhd (IDrill) to jointly bid for the Bougainvillea project tender from Petronas Gas Bhd.
• More oil & gas projects are turning commercially viable with further investments expected to pour into the industry amid the elevated oil prices.
• Technically, traders may anticipate for a potential short-term breakout above RM0.715 to target the next resistances at RM0.745-0.795 with long term target set at RM0.955.

Technical View

(i) CARIMIN (S: RM0.67, R: RM0.765-0.83, LT TP: RM0.955, CL: RM0.665)

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

Economic Releases For The Week (23/5/2022-27/5/2022):

24/5/2022
US - United States' New Home Sales, 10:00PM

25/5/2022
MY - Malaysia's Inflation Rate, 12:00PM

26/5/2022
US - United States' FOMC Minutes, 2.00AM
US - United States' 1Q22 GDP Growth Rate (2nd Estimate), 8.30PM
US - United States' Pending Home Sales, 10.00PM

Source: Bloomberg, M+ Online

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