M+ Online Morning Market Buzz - 2 Nov 22

Dow Jones: 32,653.20 pts (-79.75pts, -0.24%)
⬆️ Resistance:  33700
⬇️ Support:  31200

FBM KLCI: 1,445.92 pts (-14.46pts, -0.99%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 15,455.27 pts (+768.25pts, +5.23%)
⬆️ Resistance:  16200
⬇️ Support:  14400

Crude Palm Oil: RM4,276 (+RM43, +1.02%)
⬆️ Resistance:  4390
⬇️ Support:  3890

Brent Oil: $94.65 (-$0.18, -0.19%)
⬆️ Resistance:  99.30
⬇️ Support:  90.30

Gold: $1,647.98 (+$14.42, +0.88%)
⬆️ Resistance:  1710
⬇️ Support:  1600

M+ Online Technical Focus - 2 Nov 22
Opcom Holdings Bhd: Progressing with 5G rollout

Trading Catalyst
• Engages in the (i) manufacturing of fibre optic cables, provision of engineering services to telco and power utilities industries as well as (ii) manufacturing and trading of cable filling and flooding compounds for export market.
• Acquisition of T&J Engineering Sdn Bhd (TJE) for RM90.0m will serve as a new revenue growth driver as well as a complement to the existing business segments.
• Leverage onto its position as a fibre optic cable specialist in the progressive rollout of 5G and strengthening of 4G coverage initiatives.
• Technically, traders may anticipate for a potential flag-formation breakout above RM0.905, targeting the next resistances at RM0.96-0.99 with long term target set at RM1.09.

Technical View

(i) OPCOM (S: RM0.85, R: RM0.96-0.99, LT TP: RM1.09, CL: RM0.845)

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

Source: Bloomberg, M+ Online

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