BUY on breakout with a target price of RM1.99 and stop-loss at RM1.68. FLB’s chart shows the upside trend would be intact if the stock penetrates the RM1.79 level on higher trading volumes. This is supported by an uptick in the RSI. Currently, both the MACD and the DMI show positive signals to support the upward momentum. We peg our targets at RM1.91 and RM1.99 in the near term.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 18 Jul 2017
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