Recall that we have an outright BUY call on BIMB one month ago (19-Sep-2013), the share price has since gains 34 sen to close @RM4.95 yesterday. In fact, the share price has also broken out above an “Ascending Triangle” pattern with strong buying volume and penetrated our previous short-term target @RM4.98 (intra-day high @RM5.00) yesterday. While the key indicator remains positive with strong buying interest, we reckon the share price may potentially go up higher should it manage to overcome the overhead resistance @RM5.03 (previous high) in the coming weeks. Hence, to ride with the uptrend, we would like to revise up our technical target price to RM5.35 (Fibonacci) from RM4.98 previously. Meanwhile, our new immediate stop-loss level is pegged at 

RM4.75 (20-day SMA support).

 

Source: Kenanga