BUY on breakout with a target price of RM1.76 and stop-loss at RM1.39. Based on the chart, ZHCB formed higher highs and higher lows which indicate an uptrend. The emergence of fresh buying interest, as shown by positive readings in both the RSI and the MACD, suggests upward continuation from here, leading to the creation of a new up-leg. Currently, the DMI is on the verge of making a golden cross to the positive signal. We peg our targets at RM1.69 and RM1.76 the in near term.
Expected Timeframe: 2 weeks to 2 months.
Source: UOB Kay Hian Research - 27 Jul 2018
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