KUALA LUMPUR (Nov 23): CIMB Research has a technical buy on BIMB Holdings at RM1.83 at which it is trading at a price-to-book value of 1.1 times.
It said on Wednesday the recent pullback dragged BIMB to the 61.8% FR level. Coincidently, this is also near the 200-day SMA.
“We think a base is formed and buying momentum should pick up in days to come, if not weeks,” it said.
CIMB Research said the technical reading is improving. MACD signal line is poised for a positive crossover while RSI has also hooked upward. The next resistance levels are RM1.92 and RM2.02.
“Traders may start to nibble now but be quick to trim losses if the RM1.75 level is breached. Once this level is violated, the bears will send prices lower towards RM1.66 and RM1.56,” it said.
It said on Wednesday the recent pullback dragged BIMB to the 61.8% FR level. Coincidently, this is also near the 200-day SMA.
“We think a base is formed and buying momentum should pick up in days to come, if not weeks,” it said.
CIMB Research said the technical reading is improving. MACD signal line is poised for a positive crossover while RSI has also hooked upward. The next resistance levels are RM1.92 and RM2.02.
“Traders may start to nibble now but be quick to trim losses if the RM1.75 level is breached. Once this level is violated, the bears will send prices lower towards RM1.66 and RM1.56,” it said.
