M+ Online Morning Market Buzz - 8 Jun 22

Dow Jones: 33,180.14 pts (+264.36pts, +0.80%)
⬆ Resistance:  34000
⬇ Support:  31900

FBM KLCI: 1,525.93 pts (-11.90pts, -0.77%)
⬆ Resistance:  1600
⬇ Support:  1500

HSI Index: 21,531.67 pts (-122.23pts, -0.56%)
⬆ Resistance:  22200
⬇ Support:  20500

Crude Palm Oil: RM6,509 (+RM4, +0.06%)
⬆ Resistance:  6770
⬇ Support:  6100

Brent Oil: $120.57 (+$1.06, +0.89%)
⬆ Resistance:  124.40
⬇ Support:  110.30

Gold: $1,852.37 (+$10.94, +0.59%)
⬆ Resistance:  1920
⬇ Support:  1800

M+ Online Technical Focus - 8 Jun 22
Only World Group Bhd: Benefitting from recovery of tourism activities

Trading Catalyst
• Incorporated since 1973 and engaged in the provision of management services of leisure and hospitality services under the operation of food service outlets, water amusement parks and family attractions and other services.
• Re-opening of The Top@Komtar in Penang since 8th October 2021 is timely and taking advantage of the opening of SkyWorlds theme park.
• Worst could be over amid the improving tourism traffic as Malaysia transitioned into the endemic phase.
• Technically, price has formed a flag-formation breakout above RM0.605, targeting the next resistances at RM0.655-0.695 with long term target set at RM0.75.

Technical View

(i) OWG (S: RM0.565, R: RM0.655-0.695, LT TP: RM0.75, CL: RM0.56)

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

Source: Bloomberg, M+ Online

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