• Technical BUY with +21.6% potential return
• Last price: RM0.88
• Target price: RM1.01 RM1.07
• Support: RM0.83
• Stop-loss: RM0.825

BUY with a target price of RM1.07 and stop-loss at RM0.825. PW’s share price accelerated its upward movement after rebounding from its trendline in the last few weeks. After peaking at the all-time high of RM0.91, share price consolidated lower before establishing a new support level at RM0.83. As the MACD histogram is approaching both its zero line and the DMI on a bullish crossover, we envisage a strong reaction afterwards and thus peg our upside target at RM1.01 and RM1.07, which is equivalent to the 1.38x and 1.61x Fibonacci extension level.

Expected Timeframe: 2 weeks to 2 months

Source: UOB Kay Hian Research - 31 May 2017