BUY on breakout with a target price of RM3.72 and stop-loss at RM2.99. Based on the daily chart, COLA has formed a series of higher highs and higher lows that indicates the uptrend pattern. This is supported by an uptick in the RSI which is currently in a bullish mode. Additionally, the positive MACD and DMI readings suggest stronger momentum. We peg our targets based on 1.38x and 1.61x Fibonacci Extension level at RM3.51 and RM3.72 in the near to medium term.
Expected Timeframe: 2 weeks to 3 months
Source: UOB Kay Hian Research - 21 Jun 2017
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