M+ Online Morning Buzz - 6 Jan 16: Dow +9.72 pts (+0.06%) @ 17,158.66 pts. The U.S. stockmarkets snapped three day of losses to end marginally higher overnight as gains on the broader market was led by defensive plays – telecoms, utilities, consumer staples. Meanwhile, the tech sector was the worst performer on the S&P 500, which subsequently also dragged the Nasdaq Composite lower by 0.2%.

The FBM KLCI staged a strong rebound yesterday on the back of a positive market breath and bargain hunting activities. The MACD Histogram has extended another red bar, but the RSI still hovers above the 50 level. The immediate resistance will be envisaged around the 1,700-1,730 level. Support is pegged around the 1,660 level.

Sector: Technology, Plantation, Consumer

Technology: SEDANIA, MMODE
Plantation: TDM, RSAWIT
Consumer: FPI, PENSONI

Others: TAS, KIALIM, BIG

Potential Momentum Stocks:

PENSONI (9997): Price continues to close above the EMA9 level with higher volumes. TP: RM0.685-RM0.70. SL: RM0.60.

KIALIM (6211): Price experienced a flag formation breakout above the RM0.715 level with improved volumes. TP: RM0.80-RM0.90. SL: RM0.675.

SEDANIA (0178): The EMA 9 has crossed above the EMA 60, which may indicate short term positive turnaround in trend. TP: RM0.52-RM0.55. SL: RM0.44.

Source: M+ Online

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