Malaysia Building Society Berhad (Stock Code 1171)
above: MBSB Daily Chart (click to enlarge)
On a more positive note, MBSB has just broken out of a bullish "Ascending Triangle" chart pattern following its 11 sen advance at RM2.60. In fact, the stock had also formed a white "Marubozu" candlestick which indicates thatthe bulls were dominant throughout the two sessions.
We like MBSB for its clear cyclical patterns, and with all three indicators firmly positive, it is likely that follow-through momentum would carry the share price higher. We expect the share price to gradually make its way towards RM2.85. As such, we suggest that traders buy into the stock with a target priceof RM2.83 (2 bids below the measurement objective).A stop-loss should also be placed just below the resistance-turned-support at RM2.38.
by Kenanga Research
MALAYSIA BUILDING SOCIETY BERHAD is the granting of loans on the security of freehold and leasehold properties
