KUALA LUMPUR (Nov 29): CIMB Equities Research has a technical buy on INTEGRATED RUBBER CORPORATION [] at 18 sen at which it is trading at a price-to-book value of 0.5 times.
The research house said on Tuesday the recent correction dragged prices towards its 50-day SMA but it thinks the stock is ripe for a stronger rebound soon.
CIMB Research said currently, the bulls are trying to push above its 200-day SMA. Expect momentum to pick up strongly once the candles swing above the 19 sen level.
“MACD histogram bars are falling at a slower pace, suggesting that selling pressure has tapered off. RSI too has hooked upward.
“Risk takers may start to nibble now while others should wait for a push above the 19 sen level before going long. Be quick to cut loss if the 16.5 sen level is breached,” it said.
The research house said on Tuesday the recent correction dragged prices towards its 50-day SMA but it thinks the stock is ripe for a stronger rebound soon.
CIMB Research said currently, the bulls are trying to push above its 200-day SMA. Expect momentum to pick up strongly once the candles swing above the 19 sen level.
“MACD histogram bars are falling at a slower pace, suggesting that selling pressure has tapered off. RSI too has hooked upward.
“Risk takers may start to nibble now while others should wait for a push above the 19 sen level before going long. Be quick to cut loss if the 16.5 sen level is breached,” it said.
