M+ Online Morning Buzz - 20 Jan 16: Dow +27.94 pts (+0.17%) @ 16,016.02 pts. Wall Street rebounded overnight as the Dow rose 0.2% after China’s GDP data came within economists’ estimates. Meanwhile, the S&P 500 climbed 0.1% but gains were limited, owing to the weakness in the energy sector (-2.2%).
Following the positive close in key regional indices, the FBM KLCI staged a mild recovery yesterday on bargain hunting activities. The MACD Histogram has turned green, while the RSI has tripped below 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: Building Materials, Technology, Consumer Products
Building Materials: DOLMITE, CEPCO
Technology: D&O, JHM
Consumer Products: CCK, YEN
Others: BINTAI, PTB
Potential Momentum Stocks:
DOLMITE (5835): Price has formed a flag-formation breakout above the RM0.605 level. TP: RM0.70-RM0.80. SL: RM0.525.
D&O (7204): Price continues to maintain its momentum above the EMA 9 level. TP: RM0.43-RM0.55. SL: RM0.375.
CCK (7035): Price has formed a trendline breakout above the RM1.02 level. TP: RM1.20-RM1.30. SL: RM0.97.
Source: M+ Online
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