BUY on breakout with a target price of RM0.235 and stop-loss at RM0.105. On last Wednesday’s movement, the stock closed above the BBI line, indicating upward potential in the near term. This is supported by the 7-day EMA crossing above with the 21-day EMA that indicates a bullish signal. This is consistent with the uptick in the RSI and a bullish crossover in the DMI, which suggest stronger buying momentum ahead. We peg our target prices at RM0.205 and RM0.235 once the stock penetrates the breakout level of RM0.155.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 5 Sept 2017
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