Sunday, October 20, 2013
BURSA UPGRADED TO RM10.10
The above daily chart of BURSA shows that the stock is in a gradual uptrend since hitting a low of RM6.90 and closing at RM7.05 with a doji on August 28, 13. It then went up to a high of RM7.65 before a minor correction brought it down RM7.40. Since then the stock has been trending up. The overhead resistance is at RM8.10. This is a important level. Once this level is decisively breached, the stock will trend higher.
HDBS Vickers Research analysts have upgraded the stock from "fully valued" to a buy with a target price at RM10.10. They predicted that Budget 2014 is likely to benefit BURSA in some ways.