Charts Tip Crescendo May Rise To MYR2.09 - Maybank

Maybank IB Research rates Crescendo Corp (6718.KU) at Short-Term Buy based on charts with upside targets at MYR1.79 and then MYR2.09. Technical analyst says the stock formed a key minor Wave 2 low at MYR1.26 in March 2011, with oversold and bullish signals. "We believe the stock will trend higher, with firm positive crossovers from the CCI, DMI, MACD and Oscillator indicators support our very strong daily Wave 3 upside view for the stock," Lee says. The stock is +2.4% at MYR1.73. Resistance is eyed at MYR1.78, then MYR1.84. On the downside, support is seen at MYR1.69, then MYR1.50. Stop-loss is at MYR1.48.