Charts Tip Malayan Flour May Rise To MYR6.88-Maybank

    Maybank IB Research rates Malayan Flour Mills (3662.KU) at Short-Term Buy based on charts with upside targets at MYR6.62, then MYR6.88. Technical analyst Lee Cheng Hooi says the stock of the wheat flour mill operator had formed a key Wave 4 low at MYR5.20 in March 2011, with oversold and bullish signals. "We believe the stock will trend higher, with firm positive crossovers from the CCI, DMI, MACD, Oscillator and Stochastic indicators supporting our very strong daily Wave 5 upside view for the stock," Lee says. The stock is up 0.5% at MYR6.33. Next resistance is eyed at MYR6.60. On the downside, support is eyed at MYR6.30, then MYR5.92. Stop-loss is pegged at MYR5.90   .