Despite the severe correction in 2011, the stock is still trending higher as the series of higher lows from 2009 is not broken. The stock managed to find support at the 2010-low of RM0.14. It rallied in Oct 2011 and the shallow 3-month sideways move indicates that the upward bias remains intact. In fact, the rebound may have resumed after it closed above the psychological RM0.20 in the past two weeks, which put a lid on the price in Nov-Jan.
Thus, it is expected to climb higher and positions can be initiated at the current level. A good rally should not see it trading below RM0.20 – the present support level, although a close below RM0.185 is a preferable stop loss. The price target is RM0.265, which will regain 62% of the 2011 decline and followed by RM0.34, the high of 2011. Only a close above RM0.34 can confirm the continuation of the longer-term uptrend.
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