Health Management

Health Management: Maybank-KE has a Technical Buy call on Health Management (HMI) with a price objective of $0.258 and $0.32. The house notes that HMI’s rise from its Jul ‘13 major Wave 2 low of $0.111 took the form of a bullish weekly Elliott Wave 3 surge to its recent all-time high of $0.27 (Jul ‘14). Against the volatile and weaker movements of the FSSTI, this stock has moved up and surpassed the index on the upside. An ability to surpass $0.27 would mean further upside for the stock. While some selling at the resistance level may cap its initial rise, its indicators are mainly quite firm, with the positive weekly CCI, DMI, MACD, Stochastic and Oscillator depicting further strong buying pressure. 18 and 40 simple moving averages (SMA) also depict a very strong triple timeframe uptrend for the daily, weekly and monthly charts. Therefore, the chart evidence suggests that investors have been buying the stock over the last 54 weeks. The house suggests buying Straco on all dips. Maybank-KE tips key support levels at $0.19 and $0.245 and key resistance levels at $0.26 and $0.27.