MINHO Stock Code 5576
MINHO (Trading Buy, TP: RM1.36). Yesterday, its share price rose for the third consecutive days to settle at RM1.22, with strong buying volume. Chart-wise, it has broken out from its regression upper band and traded above its 20 and 50 days SMA levels, suggesting further upward potential. Key indicators are generally positive, with MACD trading above its positive Signal line while RSI is hooking upwards strongly. However, Stochastic has crossed above its overbought territory, signalling a potential reversal. Given that the stock has garnered buying interest, we advocate day traders to take the opportunity to accumulate this stock, as we expect a rally towards its immediate resistance level of RM1.36 (R1) while we place a strict stop-loss at RM1.15 (3 bids below support level of RM1.18 (S1)).
Minho Daily Chart (click to enlarge)
MINHO (M) BHD
The principal activity of the Company is investment holding. The principal activities of the subsidiary companies consist of kiln drying and chemical preservative treatment; manufacturing exporting and dealing in moulded timber and its related products; export of processed timber products; manufacturing and distribution of industrial paper bags; trading in log supply and its related products; exploitation of timber concessions; property development and building construction; and manufacturing and dealing in furniture components and its related products.