KUALA LUMPUR (April 23): Shares of Evergreen Fibreboard Bhd rose this morning after Hong Leong IB Research said it has a “Buy” rating on the stock with an institutional target price of RM1.47 and that 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.
At 9.13am, Evergreen rose 1.74% or two sen to RM1.17 with 522,200 shares traded.
In a note today, the research house said further upside targets for Evergreen 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