• Technical BUY on breakout with +29.4% potential return
• Last price: RM0.24
• Target price: RM0.295, RM0.33
• Support: RM0.225
• Stop-loss: RM0.22

BUY on breakout with a target price of RM0.33 and stop-loss at RM0.22. Yesterday, the stock managed to close above the BBI line, and is approaching the breakout level of RM0.255 with high trading volume. We expect MIT to continue the upward movement towards our targets at RM0.295 and RM0.33 once it manages to penetrate above RM0.255 level. This bullish movement is supported by the MACD, which is currently on a bullish crossover. This is also consistent with the uptick in the RSI, which suggests stronger buying momentum ahead.

Expected Timeframe: 2 weeks to 2 months.

Source: UOB Kay Hian Research - 31 May 2017