PADINI – MYR1.39 ACCUMULATE (TECHNICAL) (Stock Code: 7052)
Recommendation
PADINI made a major daily Wave 2 low of MYR0.84 on 5 October 2011, with grossly oversold and bullish chart signals. All its chart indicators are strongly supportive of further upside. This stock is poised to break into higher territory in due course, as its price broke through its recent resistances.
ACCUMULATE (TECHNICAL) on dips for PADINI, with much firmer support areas at MYR1.25 and MYR1.39. Upside targets are MYR1.64 and MYR1.86, whilst stop-loss is at MYR1.23.
Padini Holdings Berhad (PADINI) is an investment holding company. The company, through its subsidiaries, manufactures and retails garments, shoes, ancillary products, and accessories.
by Maybank IB
