M+ Online Morning Buzz - 23 Feb 16: Dow +228.67 pts (+1.40%) @ 16,620.66 pts. Wall Street started off the week on a strong footing with the Dow coming off its technical bear market territory. On the broader market, the S&P 500 rose 1.5% with all the ten main sectors ended with a positive tone, led by the energy sector (+2.5%) after U.S. oil rigs count fell for the ninth straight month.

Despite the strong gains in key regional indices, the FBM KLCI, however, buck the positive sentiment to close marginally lower yesterday. The MACD Histogram has turned red, but 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: Technology, Oil & Gas

Technology: DUFU, KEYASIC
Oil & Gas: WASEONG, COASTAL, UMWOG

Others: SOLID, KIMLUN, STONE, WTK

Potential Momentum Stocks:

DUFU (7233): Monitor for a breakout above the RM0.55 level. TP: RM0.60-RM0.67. SL: RM0.52.

WASEONG (5142): Price has breakout above the RM0.845 level.  TP: RM0.92. SL: RM0.785.

STONE (7143): Price experienced a breakout above the RM0.385 level. TP: RM0.425-RM0.50. SL: RM0.365.

Source: M+ Online

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