• Technical BUY on breakout with +20.6% potential return
• Last price: RM1.29
• Target price: RM1.53, RM1.64
• Support: RM1.20
• Stop-loss: RM1.19

BUY on breakout with a target price of RM1.64 and stop-loss at RM1.19. The stock appears to have formed a firm base at above the RM1.20 level. A buying signal has been given as the stock just penetrated the Ichimoku cloud in the last few trading days. This bullish movement is supported by an uptick in the RSI and a bullish crossover in both the MACD and the DMI. We expect NVB to continue the bullish momentum once it penetrates above the breakout level of RM1.36.

Expected Timeframe: 2 weeks to 2 months.

Source: UOB Kay Hian Research - 13 Jul 2017