M+ Online Morning Buzz - 19 Feb 16: Dow -40.40 pts (-0.25%) @ 16,413.43 pts. Wall Street staged a mild pullback overnight as the Dow fell 0.3% on profit taking activities, after three straight days of sharp gains. On the broader market, the S&P 500 closed 0.5% lower, dragged down by the energy sector after U.S. crude oil inventories recorded its highest level in 86 years while the Nasdaq dipped 1.0%.
The FBM KLCI closed sharply higher yesterday on strong buying support in plantations and banking heavyweights. The MACD Histogram extended another green bar, while the RSI is approaching the overbought level. The immediate resistance will be envisaged around the 1,700 level. Support is pegged around the 1,600-1,630 levels.
Sector: Plantations, Properties
Plantations: KRETAM, TDM
Properties: ECOWLD, IOIPG, UEMS
Others: CCB, COCOLND, TALIWRK
Potential Momentum Stocks:
TDM (2054): Monitor for a breakout above the RM0.725 level. TP: RM0.785-RM0.89. SL: RM0.68.
ECOWLD (8206): Monitor for a breakout above the RM1.34 resistance level. TP: RM1.50-RM1.67. SL: RM1.24.
COCOLND (7205): Price has formed a bullish engulfing candle above the EM60 level. TP: RM2.45-RM2.60. SL: RM2.10.
Source: M+ Online
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