BUY with a target price of RM1.52 and stop-loss at RM1.29. Based on the daily chart, the stock has been trading above the cloud. On yesterday’s movement, MBS managed to penetrate the breakout level of RM1.37 with higher trading volume. This is supported by the Heat Wave indicators - the Tenkan-sen line, Kinjun-sen line and the Chikao span lines – which are showing the bullish signal. Currently, the MACD is showing a bullish crossover which supports the upward momentum. We peg our targets at RM1.46 and RM1.52 in the near to medium term.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 21 Jun 2017
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