M+ Online Morning Buzz - 27 Jan 16: Dow +282.01 pts (+1.78%) @ 16,167.23 pts. Wall Street staged a strong recovery overnight as the Dow recouped all its previous session losses to close 1.8% higher, driven by strong corporate earnings, while the consumer confidence for January 2016 rose to three-month high at 98.1. Meanwhile, the S&P 500 added 1.4% with all major sectors advanced, led by the energy sector (+3.6%) after crude oil prices rebounded.

The FBM KLCI extended its gains to close marginally higher yesterday as the key index bucked the negative market sentiment across key regional indices. The MACD Histogram has extended another green bar, while the RSI continues to hover above 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: Industrial Products

Industrial Products: ATURMJU, CSCSTEL, PRG

Others: CCK, KERJAYA, INARI, TIMECOM

Potential Momentum Stocks:

CSCSTEL (5094): Price has breakout above the RM1.15 level. TP: RM1.24-RM1.36. SL: RM1.10.

INARI (0166): Price has formed a flag-formation breakout above the RM3.41 level, after having found some support above the EMA60 level. TP: RM3.54-RM3.94. SL: RM3.25.

TIMECOM (5031): Price has formed a symmetrical triangle breakout above the RM7.65 level. TP: RM8.00-RM8.80. SL: RM7.57.

Source: M+ Online

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