M+ Online Morning Buzz - 12 Feb 16: Dow -254.56 pts (-1.60%) @ 15,660.18 pts. Wall Street took another beating overnight as the Dow dipped 1.6% to register its fifth consecutive losing streak. On the broader market, the S&P 500 fell 1.2% but manage to come off its session lows after OPEC members reported to be co-operating to trim crude oil productions.

The FBM KLCI ended lower for the second session, owing to the slumping crude oil prices coupled with the negative market sentiment across global stockmarkets. The MACD Histogram extended another red 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: Plantations Construction

Plantations: RSAWIT, TDM, KRETAM
Construction: MITRA, HSL, MUHIBAH

Others: YEELEE, OCR

Potential Momentum Stocks:

TDM (2054): Price has formed a flag-formation breakout above the RM0.70 level. TP: RM0.735-RM0.785. SL: RM0.68.

MITRA (9571): Monitor for a breakout above the RM1.15 resistance level. TP: RM1.32. SL: RM1.08.

YEELEE (5584): Price has formed a breakout-pullback-continuation pattern on the EMA60 level. TP: RM2.35-RM2.50. SL: RM2.06.

Source: M+ Online

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