FABER– RM2.50 (Stock Code: 1368)
Faber Group Berhad (FABER) is an investment holding company which provides management services. Through its subsidiaries, it provides hospital support services, hotel management services, develops hotels
Below: Faber weekly chart: click to enlarge
Recommendation
FABER made a Wave 4 low of RM2.04 in May 2010 with grossly oversold signals. As its stock price trended above the 19-day and 50-day SMA supported by the positive CCI, DMI, MACD, Oscillator and Stochastic indicators, FABER has the potential to trend up on its Wave 5 move towards our resistance and target areas.
SHORT-TERM BUY (TECHNICAL) on dips for FABER with support areas at RM2.22 and RM2.50 and potential upside target areas of RM2.66 and RM3.08. Stop loss is at RM2.20.
Our daily and weekly charts indicate that FABER had hit its Wave 4 low of RM2.04 for those 2 time frames. We suggest buying FABER on dips at the support areas indicated. We expect FABER to rise towards its upward target areas of RM2.66 and 3.08 in the medium-term.
by Maybank Investment Bank
