M+ Online Morning Buzz - 25 Feb 16: Dow +53.21 pts (+0.32%) @ 16,484.99 pts. Despite opening lower at the start of the trading bell, the Dow managed to close 0.3% higher as crude oil prices stabilised. On the broader market, the S&P 500 gained 0.4%, lifted by gains in energy, building materials and technology sectors while the Nasdaq added 0.9%.
Following the weakness in crude oil prices, the FBM KLCI endured a sharp selling pressure yesterday, in line with the decline in key regional indices. The MACD Histogram has 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, Building Materials
Plantations KRETAM, RSAWIT
Building Materials: STONE, KIALIM, OKA
Others: HARBOUR, ECS, PRTASCO
Potential Momentum Stocks:
KRETAM (1996): Monitor for a breakout above the RM0.615 level. TP: RM0.645-RM0.685. SL: RM0.58.
KIALIM (6211): Price has formed an uptrend intact formation. TP: RM0.425-RM0.44. SL: RM0.365.
PRTASCO (5070): Monitor for a breakout above the RM1.53 level. TP: RM1.66-RM1.78. SL: RM1.45.
Source: M+ Online
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Mohd Fahmi Bin Jaes
kretam down
2016-02-25 16:49