According to a recent newspaper article by the Star (25th Jan), MMSV is poised to make a comeback after being mired in the red for three years with the Group also expecting to finish the 2013 fiscal year with the best performance in five years. The technical picture also reflects a more bullish sentiment, having broken out of a “Falling Wedge” pattern earlier this week. The share price was up by 0.5 sen to 20 sen on follow-through momentum buying. Based on the chart pattern, we expect the share price to climb towards the 28 sen measurement objective over the next few months. We suggest that traders looking to buy into the stock should aim to take profit 3 bids below this targeted level at 26.5 sen, while employing a stop loss at 16.5 sen (3 bids below 18 sen support level).

 

Source: Kenanga