Stock Code : 0161
Price : RM 0.265 (17th March 2015)
Target Price : RM 0.315 (18% upside, or 5 cents)
SCH had recently saw a good strong momentum volume with 2 consecutive day hitting above 10 million shares transacted. We believe that the volume will be revisiting the counter soon as SCH rise along with the momentum.
Currently, the MA 20 trend line is looking to climb further up after the successful crossing of the MA50 in January 2015 along with reasonable volume. Although RSI had been in a retrace, however, RSI is foreseeable to hit above the 70% region, marking a bullish note in SCH.
According to Elliot 5 Waves analysis, SCH had possibly finished its 1st surging wave and currently consolidating on 2nd wave while awaiting for the 3rd surging wave to come. Hence the room to appreciate for SCH is very good.
Price Target : 1st - RM 0.30
2nd - RM 0.315
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