KUALA LUMPUR (April 23): Hong Leong IB Research has a “Buy” rating on Evergreen Fibreboard Bhd with an institutional target price of RM1.47 and said the company’s share price was gradually gaining upside momentum and poised for “Ascending Triangle” breakout after a brief sideways consolidation, as indicated by an ‘inverted hammer’ candlestick formation yesterday.

In a note today, the research house said further upside targets for Evregreen were RM1.21 (16 & 17 Apr high) and RM1.28, with long term target price of RM1.38 (measurement objective of Ascending Triangle breakout).

“Immediate supports are located at RM1.10 (23.8% FR) and RM1.08 (50-d SMA). Cut loss below RM1.06,” it said.