M+ Online Morning Buzz - 28 Mar 16: Dow@ 17,515.73 pts. The U.S stockmarkets were closed for Good Friday public holiday as the Dow registered its first weekly loss in the past six weeks as market took opportunity to take profit on energy related counters amid a short term pullback in WTI crude oil prices. ASEAN benchmark indices, meanwhile, closed mostly higher on last Friday.

The FBM KLCI trended lower for the third straight session on last Friday on profit taking in selective oil & gas and plantation heavyweights. 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 1,730 level. Support will be pegged around the 1,660-1,700 levels.

Sector: Construction

Construction: GKENT, MUDAJYA, MITRA, ZECON, TRC

Others: PENSONI, COMCORP, CENTURY

Potential Momentum Stocks:

GKENT (3204): Monitor for breakout above the RM1.77 level. TP: RM1.92-RM2.00. SL: RM1.68.

MITRA (9571): Price has formed a bullish engulfing candle on EMA20 level. TP: RM1.31-RM1.40. SL: RM1.19.

PENSONI (9997): Price has formed a flag-formation breakout above the RM0.67 level. TP: RM0.71-RM.735. SL: RM0.65.

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.