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• Since hitting an all-time high of RM1.84 on 13 April 2015, share price tumbled to low of RM1.23 on 16 June 2015. Then, the stock was oversold and reversed its downturn, substantiated by oversold indicators and reversal signal. Yes terday’s bullish candlestick penetrated the downtrend line, pointing to potential Ascending Triangle pattern breakout on daily chart. Hence, long-term uptrend on weekly chart is expected to resume.
• Noticeably, reading from daily oscillators showed that buying momentum is picking pace, indicating higher probability of reversing its downtrend. On weekly oscillators, buying interests gradually return from oversold level. Hence, reading from above provides ammunition to the upside.
• Further upsides are targeted at RM1.50 (50-d SMA) and RM1.63 (measurement objective of Ascending Triangle breakout), with a long-term objective of RM1.84 (all-time high). Supports are pegged at RM1.40 and RM1.37. Cut loss below RM1.33.

Source: Hong Leong Investment Bank Research - 2 Jul 2015