KUALA LUMPUR (Nov 17): CIMB Equities Research has a technical buy on Kumpulan Europlus at RM1.07 at which it trading at a price-to-book value of 5.5 times.
It said on Thursday Kumpulan Europlus broke out of its triangle resistance on Wednesday.
“Looking at the chart, we think this upswing still has legs. If prices can continue to hold on above its 30-day SMA (now at RM1.03), there is a good chance that prices may edge closer towards RM1.14 and RM1.20,” it said.
CIMB Research said the technical landscape is improving. MACD is poised for a positive crossover while RSI has also hooked upward.
“Traders may start to nibble now but always put a stop at below the RM1.01 level. A break below its 50-day SMA would put a stop to this uptrend,” it said.
It said on Thursday Kumpulan Europlus broke out of its triangle resistance on Wednesday.
“Looking at the chart, we think this upswing still has legs. If prices can continue to hold on above its 30-day SMA (now at RM1.03), there is a good chance that prices may edge closer towards RM1.14 and RM1.20,” it said.
CIMB Research said the technical landscape is improving. MACD is poised for a positive crossover while RSI has also hooked upward.
“Traders may start to nibble now but always put a stop at below the RM1.01 level. A break below its 50-day SMA would put a stop to this uptrend,” it said.
