KUALA LUMPUR (Nov 15): CIMB Equities Research has a technical buy on UOA Development at RM1.58 at which it is trading at a FY12 price-to-earnings of 6.3 times and price-to-book value of 1.2 times.
It said on Tuesday that UOA Development broke out of its bullish wedge pattern on Monday.
“We think this is a prelude to more upside ahead. If we are right, the next run-up should push prices closer towards RM1.67 and RM1.74,” it said.
CIMB Research said the MACD was still hovering in the positive territory, suggesting that the odds still favour the bulls. Meanwhile, RSI is also above the 50pts mark.
“Traders with higher risk appetite may start to nibble now. However, it is crucial to put a stop at below the RM1.52 level,” it said.
It said on Tuesday that UOA Development broke out of its bullish wedge pattern on Monday.
“We think this is a prelude to more upside ahead. If we are right, the next run-up should push prices closer towards RM1.67 and RM1.74,” it said.
CIMB Research said the MACD was still hovering in the positive territory, suggesting that the odds still favour the bulls. Meanwhile, RSI is also above the 50pts mark.
“Traders with higher risk appetite may start to nibble now. However, it is crucial to put a stop at below the RM1.52 level,” it said.
