Since our technical buy recommendation last month (7 Feb @ 20.5 sen), MMSV has rallied to a high of 27 sen (+32%) before settling at 26 sen (+27%) yesterday. While the share price has indeed reached our former 27 sen “Falling Wedge” target price, we believe that taking profit now may be premature given the still bullish technical outlook. In particular, the buying volume has reached a two and a half year high with all three key momentum indicators also hooking upwards into a bullish territory. Chances are that the MMSV would extend its gains for a few more days. Hence, we suggest that traders aim towards a higher target price of 33.5 sen (3 bids below 35 sen resistance). At the same time, the previous stop-loss of 16.5 sen should also be adjusted higher to 22 sen (also 3 bids below 23.5 sen support). 

 

Source: Kenanga