KUALA LUMPUR (Jan 6): CIMB Equities Research has a technical buy on BANDAR RAYA DEVELOPMENTS BHD [] (BDRB) at RM2.28, at which it is trading at a price-to-book value of 0.6 times.
It said on Friday BDRB broke out of its consolidation triangle pattern on Thursday.
“We think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.45 and RM2.54 next,” it said.
CIMB Research said the MACD signal line has finally returned to the black while RSI is still rising adding, the bulls will likely take lead from here.
“Aggressive traders may start to nibble now. However, always place a stop at below RM2.20 to cap exposure,” said the research house.
It said on Friday BDRB broke out of its consolidation triangle pattern on Thursday.
“We think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.45 and RM2.54 next,” it said.
CIMB Research said the MACD signal line has finally returned to the black while RSI is still rising adding, the bulls will likely take lead from here.
“Aggressive traders may start to nibble now. However, always place a stop at below RM2.20 to cap exposure,” said the research house.
