KUALA LUMPUR (Dec 6): CIMB Equities Research has a technical buy on EA Holdings Bhd at 34 sen at which it is trading at a price to book value of 1.4 times.
It said on Tuesday that the previous day’s long white candle is positive as it took out the 30-day as well as the 50-day SMA to close positive for the day.
“Prices are just marginally below the key trend line resistance at 35 sen. The technical landscape is improving as the zero line managed to repel the selling pressure. The sharp hook up on its RSI is also positive for the stock,” it said.
CIMB Research said that coupled with the pick up in trading volume, it believes that there is a good chance that prices could breakout above 35 sen soon.
“Closing above 35 sen would likely send prices higher towards 40.5 sen and even 42 sen next. Yesterday’s low of 30.5 sen is the cut loss point,” it said.
It said on Tuesday that the previous day’s long white candle is positive as it took out the 30-day as well as the 50-day SMA to close positive for the day.
“Prices are just marginally below the key trend line resistance at 35 sen. The technical landscape is improving as the zero line managed to repel the selling pressure. The sharp hook up on its RSI is also positive for the stock,” it said.
CIMB Research said that coupled with the pick up in trading volume, it believes that there is a good chance that prices could breakout above 35 sen soon.
“Closing above 35 sen would likely send prices higher towards 40.5 sen and even 42 sen next. Yesterday’s low of 30.5 sen is the cut loss point,” it said.
