BUY on breakout with a target price of RM1.03 and stop-loss at RM0.635. Yesterday, the stock closed above the BBI line, indicating upward potential in the near term. This is supported by the 7-day EMA which is on the verge of making a golden cross with the 21-day EMA, indicating a bullish signal. This is consistent with the uptick in the RSI and a bullish crossover in the DMI, which suggest stronger buying momentum ahead. We expect the share price will continue the upwards movement toward the previous high of RM1.04 once it manages to penetrate above the breakout level of RM0.755.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 24 May 2017
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