M+ Online Morning Market Buzz - 15 Jun 22

Dow Jones: 30,364.83 pts (-151.91pts, -0.50%)
⬆ Resistance:  33900
⬇ Support:  29600

FBM KLCI: 1,481.28 pts (+16.45pts, +1.12%)
⬆ Resistance:  1570
⬇ Support:  1430

HSI Index: 21,067.99 pts (+0.41pts, +0.00%)
⬆ Resistance:  22600
⬇ Support:  20400

Crude Palm Oil: RM5,840 (-RM8, -0.14%)
⬆ Resistance:  6750
⬇ Support:  5620

Brent Oil: $121.17 (-$1.10, -0.90%)
⬆ Resistance:  127.70
⬇ Support:  116.60

Gold: $1,808.49 (-$10.77, -0.59%)
⬆ Resistance:  1920
⬇ Support:  1770

M+ Online Technical Focus - 15 Jun 22
Dayang Enterprise Holdings Bhd: Revival of work orders

Trading Catalyst
• An integrated services provider to the oil and gas industry with established track record of 30 years, supported by 2,000 employees.
• Earnings recovery will be supported by a solid outstanding orderbook of approximately RM1.80bn, translating to a healthy cover ratio of 2.7x of FY21 revenue of RM667.7m.
• Oil & gas activities turn more viable following the elevated crude oil prices, which would lead to improve work orders over the foreseeable future.
• Technically, traders may anticipate for a potential breakout above RM0.99, targeting the next resistances at RM1.05-1.12 with long term target set at RM1.22.

Technical View

(i) DAYANG (S: RM0.94, R: RM1.05-1.12, LT TP: RM1.22, CL: RM0.935)

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

Source: Bloomberg, M+ Online

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