M+ Online Morning Buzz - 22 Feb 16: Dow - 21.44 pts (-0.13%) @ 16,391.99 pts. The U.S. stockmarkets ended mixed last Friday as the Dow extended its losses by 0.1%, despite reporting that the CPI rose 1.4% Y.o.Y in January 2016. On the broader market, the S&P 500 ended flat, after recouping all its intraday losses in the final trading hour, while the Nasdaq rose 0.4% on strong corporate earnings from Applied Materials (+7.1%).
Tracking the mild profit taking in Wall Street overnight, the FBM KLCI pared off some of its previous session gains but managed to register a weekly gain. The weekly MACD Histogram turned green, while the weekly RSI has crossed 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: Oil & Gas, Consumer Products
Oil & Gas: DELEUM, BARAKAH
Consumer Products: CCB, RSENA
Others: BIG, AWC, MRCB, SENDAI, TDM
Potential Momentum Stocks:
BARAKAH (7251): Price has breakout above the RM0.765 level. TP: RM0.86-RM0.975. SL: RM0.715.
CCB (2925): Price has formed a breakout-pullback-continuation pattern above the EMA60 level. TP: RM3.93-RM5.00. SL: RM3.37.
AWC (7579): Monitor for a breakout above the RM0.455 level. TP: RM0.495-RM0.575. SL: RM0.43.
Source: M+ Online
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