M+ Online Morning Market Buzz - 8 Aug 22
Dow Jones: 32,803.47 pts (+76.65pts, +0.23%)
⬆️ Resistance: 33700
⬇️ Support: 31800
FBM KLCI: 1,501.55 pts (-6.16pts, -0.41%)
⬆️ Resistance: 1540
⬇️ Support: 1460
HSI Index: 20,201.94 pts (+27.90pts, +0.14%)
⬆️ Resistance: 20700
⬇️ Support: 19200
Crude Palm Oil: RM3,878 (+RM57, +1.49%)
⬆️ Resistance: 4300
⬇️ Support: 3620
Brent Oil: $94.92 (+$0.80, +0.85%)
⬆️ Resistance: 106.60
⬇️ Support: 91.00
Gold: $1,775.50 (-$15.78, -0.88%)
⬆️ Resistance: 1840
⬇️ Support: 1720
M+ Online Technical Focus - 8 Aug 22
Guan Chong Bhd: New grinding facility to boost production
Trading Catalyst
• Ranked as the fourth largest cocoa grinder in the world with total cocoa processing capacity of 270,000MT p.a.
• New cocoa processing plant in Cote D’Ivoire coming on stream tentatively in 2H22 brings additional grinding capacity of 60,000MT p.a.
• Recovery of economic activities across the globe bodes well for GCB as key chocolate consuming markets in Europe and US demonstrates strong retail spendings.
• Technically, price has formed a flag-formation breakout above the RM2.39, targeting the next resistances at RM2.54-2.61 with long term target at RM2.99.
Technical View
(i) GCB (S: RM2.27, R: RM2.54-2.61, LT TP: RM2.99, CL: RM2.26)
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss
Economic Releases For The Week (8/8/2022-12/8/2022):
9/8/2022
MY - Malaysia's Unemployment Rate, 12.00PM
MY - Malaysia's Industrial Production, 12.00PM
10/8/2022
JP - Japan's Producer Price Index, 7.50AM
CN - China's Inflation Rate, 9.30AM
CN - China's Producer Price Index, 9.30AM
US - United States' Inflation Rate, 8.30PM
11/8/2022
MY - Malaysia's Retail Sales, 12.00PM
US - United States' Producer Price Index, 8.30PM
12/8/2022
MY - Malaysia's 2Q22 GDP Growth Rate, 12.00PM
UK - United Kingdom's 2Q22 GDP Growth Rate (Preliminary), 2.00PM
UK - United Kingdom's Industrial Production, 2.00PM
UK - United Kingdom's Manufacturing Production, 2.00PM
EU - Eurozone's Industrial Production, 5.00PM
Source: Bloomberg, M+ Online
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