BUY with a target price of RM1.74 and stop-loss at RM1.37. Last Friday’s gain can be considered a significant breakthrough as the breakout places share price in new territory. Backed by surging trading volumes and positive momentum, there should be an upward follow-through from here. Furthermore, an uptick in the RSI and the bullish crossover in the DMI and the MACD imply a stronger upward move ahead. We peg our targets at RM1.61 and RM1.37 in the near term.
Expected Timeframe: 2 weeks to 2 months.
Source: UOB Kay Hian Research - 30 Oct 2017
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