M+ Online Morning Market Buzz - 7 Jun 22

Dow Jones: 32,915.78 pts (+16.08pts, +0.05%)
⬆ Resistance:  34000
⬇ Support:  31900

FBM KLCI: 1,537.83 pts (-12.07pts, -0.78%)
⬆ Resistance:  1610
⬇ Support:  1510

HSI Index: 21,653.90 pts (+571.77pts, +2.71%)
⬆ Resistance:  22200
⬇ Support:  20500

Crude Palm Oil: RM6,453 (-RM15, -0.23%)
⬆ Resistance:  6770
⬇ Support:  6080

Brent Oil: $119.51 (-$0.21, -0.18%)
⬆ Resistance:  127.80
⬇ Support:  110.30

Gold: $1,841.43 (-$9.76, -0.53%)
⬆ Resistance:  1920
⬇ Support:  1800

M+ Online Technical Focus - 7 Jun 22
Cepat Wawasan Group Bhd: Taking advantage of elevated CPO prices

Trading Catalyst
• Owns and operates approximately 10,280-ha of oil palm plantations in Sabah in East Malaysia with milling capacity of 90MT/hr.
• Demand remains well supported by the potential higher orders from India after their reserves level appears to be dwindling in recent times.
• Tight supply owing to the labour shortage and weakening Ringgit against the US Dollars may continue to keep CPO prices at elevated level (>RM6,000/MT).
• Technically, traders may monitor for a potential breakout above RM0.965 to target the next resistances at RM1.02-1.07 with long term target set at RM1.19.

Technical View

(i) CEPAT (S: RM0.91, R: RM1.02-1.07, LT TP: RM1.19, CL: RM0.905)

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

Economic Releases For The Week (6/6/2022-10/6/2022):

6/6/2022
CN - China's Caixin Services PMI, 9:45AM
CN - China's Caixin Composite PMI, 9:45AM

7/6/2022
EU - Eurozone's S&P Global Construction PMI, 3.30PM
UK - United Kingdom's S&P Global Services PMI, 4:30PM
UK - United Kingdom's S&P Global Composite PMI, 4:30PM

8/6/2022
JP - Japan's 1Q22 GDP Growth Rate, 7:50AM
EU - Eurozone's 1Q22 GDP Growth Rate (3rd Est), 5.00PM

9/6/2022
MY - Malaysia's Unemployment Rate, 12:00PM
MY - Malaysia's Retail Sales, 12:00PM
EU - Eurozone's European Central Bank Interest Rate Decision, 7:45PM

10/6/2022
JP - Japan's Producer Price Index, 7:50AM
CN - China's Inflation Rate, 9:30AM
CN - China's Producer Price Index, 9:30AM
MY - Malaysia's Industrial Production, 12:00PM
US - United States' Inflation Rate, 8:30PM

Source: Bloomberg, M+ Online

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