FITTERS is gaining strong interest from retail investors as the group sees robust prospects in its new venture – pipe-manufacturing business. The group is aiming to capture 10.0% market share in the water pipe industry by end-2015, and determined to grow the pipe venture to be as big as its original fire services business. From the technical point of view, FITTERS had broken out of an 8-month uptrend channel resistance, with high trading volume. Interesting to note that the daily MACD has just crossed over the zero-line yesterday, leading us to believe that follow-through buying are likely to emerge over the next few days. We anticipate a move towards RM1.00 (R1) fairly soon. Beyond this level, the next major resistance is located further up at RM1.03 (R2) and RM1.10 (R3).

 

Source: Kenanga