BUY with a target price of RM0.66 and stoploss at RM0.395 Based on the daily chart, GDX formed higher highs and higher lows and penetrated above the breakout level of RM0.46 yesterday. This bullish movement is supported by the MACD bullish crossover and is consistent with the uptick in the RSI which suggests stronger buying momentum ahead. We peg our target prices at RM0.595 and RM0.66 in the near term.
Expected Timeframe: 2 weeks to 2 months
Source: UOB Kay Hian Research - 26 Jul 2018
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