M+ Online Morning Buzz - 19 Jan 16: Dow@15,988.08 pts. U.S. stockmarkets was closed for the Martin Luther King Jr. public holiday. Meanwhile, European benchmark indices closed lower after the European Central Bank begun its probe into financial institutions with high exposure to bad loans.
The FBM KLCI closed lower yesterday to mark its third consecutive losing streak, taking cues from the weakness in global stockmarkets. The MACD Histogram has extended another red bar, while the RSI is approaching the 30 level. The immediate resistance will be envisaged around the 1,660 level. Support is pegged around the 1,550-1,600 levels.
Sector: Technology
Technology: ELSOFT, CWORKS, JHM
Others: SKPRES, EVERGRN, MUHIBAH, CEPCO, CAB
Potential Momentum Stocks:
JHM (0127): Monitor for a breakout above the RM0.50 level. TP: RM0.565-RM0.60. SL: RM0.44.
MUHIBAH (5703): Price has formed a BPC formation above the EMA20 level. TP: RM2.50-RM2.76. SL: RM2.17.
CAB (7174): Monitor for a breakout above the RM1.77 resistance level. TP: RM2.00-RM2.20. SL: RM1.63.
Source: M+ Online
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