BRAHIMS is back in the limelight after the news that KLIA2 will be ready and on time (May 2014). The share price advanced 11 sen to finish at RM1.83 yesterday on high trading volume, also breaking out of a “Bullish Flag” chart pattern in the process. This provides us with an indication that an up-cycle is already underway, despite the RSI entering into overbought territory. We believe that BRAHIM’S could potentially extend its gains towards RM2.00 (R1), which represents the immediate “Flagpole” technical target. On the flipside, a solid base is seen at RM1.68 (S1), which we expect to provide adequate support against any unforeseen selling.

 

Source: Kenanga