BUY on breakout with a target price of RM1.84 and stop-loss at RM1.43. Based on the daily chart, the stock is currently making higher highs and higher lows, a key characteristic of an uptrend. The buying signal is intact, with the stock just penetrated above the cloud. Heat Wave indicators – the Tenkan-senline, Kinjun-sen line and the Chikao span line – are showing bullish signals. This positive signal is also confirmed by a bullish crossover in both the MACD and DMI indicators. We peg our targets at RM1.79 and RM1.84 if the stock penetrates the breakout level of RM1.57
Expected Timeframe: 2 weeks to 2 months.
Source: UOB Kay Hian Research - 25 Jul 2018
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