KUALA LUMPUR (Dec 1): CIMB Equities Research has a technical buy on Tradewinds (Malaysia) at RM9.98 at which it is trading at a price-to-book value of 1.3 times.
It said on Thursday the rebound from its September’s low does not look over yet. Wednesday’s rebound pushed prices above its previous swing high of RM9.60. “Looking at the chart, we think the next resistance levels are RM10.50 and RM11.10,” it said.
CIMB Research said the MACD signal line is still hovering in the positive territory but RSI is overbought. Hence, traders may want to accumulate during pullbacks.
“As long as prices stay above the RM9.26 level, we think the bulls have the upper hand here. Only a fall below RM9.25 level would trigger our stop,” it said.
It said on Thursday the rebound from its September’s low does not look over yet. Wednesday’s rebound pushed prices above its previous swing high of RM9.60. “Looking at the chart, we think the next resistance levels are RM10.50 and RM11.10,” it said.
CIMB Research said the MACD signal line is still hovering in the positive territory but RSI is overbought. Hence, traders may want to accumulate during pullbacks.
“As long as prices stay above the RM9.26 level, we think the bulls have the upper hand here. Only a fall below RM9.25 level would trigger our stop,” it said.
