• Technical BUY on breakout with +34.6% potential return
• Last price: RM0.65
• Target price: RM0.77, RM0.895
• Support: RM0.60
• Stop-loss: RM0.595

BUY on breakout with a target price of RM0.895 and stop-loss at RM0.595. We expect a positive follow-through to validate a new up-leg if GFM manages to penetrate above the breakout level of RM0.665. The rising momentum as shown by a bullish crossover in the 7-day and 21-day EMAs along with an uptick in both the +DI and ADX lines which suggests upward continuation hereafter. We peg our targets at RM0.77 and RM0.895 respectively.

Expected Timeframe: 2 weeks to 2 months

Source: UOB Kay Hian Research - 15 Sept 2017