• Technical BUY on breakout with +10.8% potential return
• Last price : RM2.29
• Target price : RM2.44, RM2.56
• Support : RM2.22
• Stop-loss : RM2.21

BUY on breakout with a target price of RM2.56 and stop-loss at RM2.21. Based on the daily chart, FMB formed a breakaway gap to close higher at RM2.29 yesterday. This, along with consistent climb along the trend line, is likely to increase FMB’s probability of moving higher in the near term. Currently, the MACD and DMI are on a bullish crossover mode. As such, we peg our targets at RM2.44 and RM2.56 once it manages to penetrate the breakout level of RM2.31.

Expected Timeframe: 2 weeks to 2 months.

Source: UOB Kay Hian Research - 26 May 2017