• Technical BUY on breakout with +20.2% potential return
• Last price: RM2.45
• Target price: RM2.89, RM3.04
• Support: RM2.30
• Stop-loss: RM2.29

BUY on breakout with a target price of RM3.04 and stop-loss at RM2.29. Based on the daily chart, share price is recovering gradually and moving above the 7- and 21- day EMA following yesterday’s spike. This is supported by the rising DMI and RSI indicators, indicating positive momentum would strengthen in the near term. Currently, the MACD is in a bullish crossover mode. We peg our targets at RM2.89 and RM3.04 in the medium term.

Expected Timeframe: 2 weeks to 3 months

Source: UOB Kay Hian Research - 17 Aug 2017