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.
FABER – RM2.50
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
