A little over a month ago (28 March @ RM 1.56), we highlighted MAYBULK when the share price rebounded from the RM1.48 "Neckline" after confirming the "Inverted Head & Shoulders" bullish reversal pattern. From then, the share price had extended its gains to reach our RM1.68 (+8% gain) target price within just six trading days. More recently, the share price has had one again retested the "Neckline" before confirming a "Morning Doji Star" bullish reversal candlestick pattern at yesterday's close (RM1.51). We believe that another rebound is on the cards. Hence, traders may look to buy in now with the RM1.68 target in mind. The downside appears limited, but a stop-loss of RM1.44 should be placed.

 

Source: Kenanga