M+ Online Morning Buzz - 29 Jan 16: Dow +125.18 pts (+0.79%) @ 16,069.64 pts. Wall Street staged a mild recovery overnight as the Dow climbed 0.8% on speculation that further tightening of monetary policy are on hold. Meanwhile, the S&P 500 gained 0.6%, lifted by strong earnings from corporate giants like Visa Inc (+2.4%) and Facebook Inc. (+15.5%).

The FBM KLCI extended its gains for the fourth straight session yesterday, mainly due to strong buying support amongst selective plantation heavyweights. 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 1,660 level. Support is pegged around the 1,550-1,600 levels.

Sector: Oil & Gas, FBM Ace

Oil & Gas: DELEUM, UMWOG
FBM Ace: PRIVA, SMRT

Others: EFFICEN, KRETAM, YEN GENTING

Potential Momentum Stocks:

DELEUM (5132): Monitor for a breakout above the RM0.94 level. TP: RM0.98-RM1.03. SL: RM0.90.

SMRT (0117): Price breakout above the short-term resistance of RM0.21. TP: RM0.305-RM0.33. SL: RM0.27.

KRETAM (1996): Monitor for a breakout above the RM0.525 level. TP: RM0.615-RM0.65. SL: RM0.49.

Source: M+ Online

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