• Technical BUY on breakout with +13.5% potential return
• Last price: RM1.68
• Target price: RM1.82, RM1.94
• Support: RM1.62 Stop-loss: RM1.61

BUY on breakout with a target price of RM1.94 and stop-loss at RM1.61. Yesterday’s movement had triggered a BUY on the back of a positive closing above the BBI line and a bullish crossover in the DMI. Currently, the MACD is on the verge of making golden cross to the positive signal. This, along with consistent climb along the trend line, is likely to increase PLEN’s probability of moving higher in the near term. As such, we peg our targets at RM1.82 and RM1.94 once it manages to penetrate the breakout level of RM1.71.

Expected Timeframe: 2 weeks to 2 months

Source: UOB Kay Hian Research - 25 May 2017