BUY with a target price of RM1.33 and stop-loss at RM0.995. A buying signal is seen as the stock has been trading above the Ichimoku cloud. This is supported by the Heat Wave indicators - the Tenkan-sen line, Kinjun-sen line and Chikao span line – which suggest a bullish signal. An uptick in the RSI suggests buying momentum is set to continue in the near term. Currently, the DMI is showing a bullish crossover to support the upward momentum. We peg our targets at RM1.27 and RM1.33 based on 1.38x and 1.61x Fibonacci extension levels in the near to medium term.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 7 Aug 2017
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