M+ Online Morning Buzz - 22 Jan 16: Dow +115.94 pts (+0.74%) @ 15,882.68 pts. Wall Street staged a recovery overnight as the Dow climbed 0.7%, driven by potential additional stimulus measures from European Central Bank. On the broader market, seven of the ten main sector rose, lifting the S&P 500 by 0.5% higher as the crude oil prices rebounded from a two-day slump.

The FBM KLCI tanked for the second straight session yesterday, owing to the persistent weakness in crude oil prices coupled with the negative market sentiment across key regional indices. The MACD Histogram has extended another red bar, while the RSI remained below the 30 level. The immediate resistance will be envisaged around the 1,630 level. Support is pegged around the 1,550-1,600 levels.

Sector: Consumer Products, Technology

Consumer Products: PELIKAN, SPRITZER, CCK
Technology: MIKROMB, VITROX

Others: IBRACO, TEXCHEM, BREM

Potential Momentum Stocks:

PELIKAN (5231): Price has found some support along the RM0.875 level. TP: RM0.94-RM0.99. SL: RM0.875.

MIKROMB (0112): Price has maintained its momentum above the EMA9 level. TP: RM0.65-RM0.70. SL: RM0.54.

BREM (8761): Monitor for a breakout above the RM1.05 as price found support above the RM0.95 level. TP: RM1.20-RM1.36. SL: RM0.95.

Source: M+ Online

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