M+ Online Morning Market Buzz - 1 Jun 22

Dow Jones: 32,990.12 pts (-222.84pts, -0.67%)
⬆ Resistance:  34000
⬇ Support:  31200

FBM KLCI: 1,570.10 pts (+27.08pts, +1.76%)
⬆ Resistance:  1610
⬇ Support:  1510

HSI Index: 21,415.20 pts (+291.27pts, +1.38%)
⬆ Resistance:  21900
⬇ Support:  19500

Crude Palm Oil: RM6,275 (-RM29, -0.46%)
⬆ Resistance:  6840
⬇ Support:  6080

Brent Oil: $115.60 (-$2.00, -1.70%)
⬆ Resistance:  127.80
⬇ Support:  110.80

Gold: $1,837.35 (-$17.88, -0.96%)
⬆ Resistance:  1910
⬇ Support:  1800

M+ Online Technical Focus - 1 Jun 22
Evergreen Fibreboard Bhd: Well positioned for firmer furniture exports

Trading Catalyst
• History traces back since 1972 as a timber trading and veneer manufacturing company and subsequently expanded into manufacturing of medium density fibreboard, particleboard, furniture, value-added wood-based products & resin.
• Weakening Ringgit against the US Dollar bodes well for the export-oriented company.
• Resumption of Malaysian International Furniture Fair (MIFF) after 2 years of hiatus may provide a boost for the furniture export growth.
• Technically, traders may monitor for a potential breakout above RM0.635, targeting the next resistances at RM0.67-0.705 with long term target set at RM0.79.

Technical View

(i) EVERGRN (S: RM0.58, R: RM0.67-0.705, LT TP: RM0.79, CL: RM0.575)

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

Source: Bloomberg, M+ Online

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