M+ Online Morning Buzz - 3 Feb 16: Dow -295.64 pts (-1.80%) @ 16,153.54 pts. The U.S. stockmarkets started off the week sharply lower as the Dow declined 1.8%, dragged down by the weakness in oil & gas giants like Chevron (-4.7%) and Exxon Mobil (-2.2%). On the broader market, the S&P 500 closed 1.9% lower, as crude oil prices tanked for the second straight session.

Following the renewed selling pressure in crude oil prices, the FBM KLCI snapped its five-day winning streak yesterday. The MACD Histogram, however, has extended another green bar, while the RSI continues to hover above the 50 level. The immediate resistance will be envisaged around the 1,700 level. Support is pegged around the 1,600-1,630 levels.

Sector: Consumer Products, Building Materials, 

Consumer Products: FARMBES, PADINI, NTPM
Building Materials: BIG, CSCSTEL, MLGLOBAL

Others: TROP, MEDIAC 

Potential Momentum Stocks:

PADINI (7052): Price continues its momentum above the EMA9 level. TP: RM2.37-RM2.60. SL: RM2.00.

BIG (7005): Price has formed a breakout-pullback-continuation pattern above the EMA60 level. TP: RM0.795-RM1.00. SL: RM0.62.

MEDIAC (5090): Monitor for a breakout above the RM0.675 level. TP: RM0.825-RM0.855. SL: RM0.625.

Source: M+ Online

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