Valuetronics (VALUE SP, BN2)
Technically, the immediate support for Valuetronics could be at S$0.38-0.39, which is near its middle Bollinger band.
Share price formed a higher low with a tweezer bottom during August this year and has since continued to move higher.
The potential gap cover suggests Valuetronics could test S$0.44/0.45 should the MACD indicator display a mild correction going forward.
On 22 Sep 15, we initiated coverage on Valuetronics with a BUY and target price of S$0.56, based on 8.3x FY17F PE.
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