BUY with a target price of RM0.53 and stop-loss at RM0.345. Based on the daily chart, GOB has just exited the consolidation phase and on yesterday’s movement, the share price managed to penetrate the breakout level of RM0.39 with higher trading volume. The uptick in the RSI, together with the increase in trading volume suggests that buying momentum is set to continue in the near term. We expect the stock to continue trending upwards towards our targets in the near term.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 18 Aug 2017
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