• Resumption of long-term uptrend in the progress… Share prices have been riding on a bull since Mid-April 2013, skyrocketing nearly 324%! We opine that the tremendous performance (albeit at lower magnitude due to higher base) is expected to continue over the next 3 months as yesterday’s share price staged a strong technical rebound from oversold territory following 5 consecutive black candlesticks. Noticeably, reading from daily oscillators showed that buying momentum is picking pace.
• Moreover, “Hammer” candlestick on weekly chart indicated resumption of longterm uptrend after recent retracement. Since both daily and weekly charts concur, further upside targets are located at RM1.14 (30-d SMA) and RM1.23 (all-time high), with a long term target price of RM1.45.
• However, supports are pegged at RM1.04 (100-d SMA) and RM1.02 (38.2% FR). Cut loss below RM0.99.

Source: Hong Leong Investment Bank Research - 30 Apr 2015