KUALA LUMPUR (Jan 19): CIMB Equities Research has a technical buy on BIMB Holdings at RM2.24 at which it is trading at a price-to-book value of 1.3 times.
It said on Thursday that BIMB Holdings broke out of its consolidation triangle pattern on Wednesday.
“Looking at the chart, we think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.34 and RM2.43,” it said.
CIMB Research said the technical landscape is improving. MACD histogram bars have returned to the black while RSI has also hooked upward. The 30-day SMA has also cut above its longer term 50-day SMA, which is another positive sign.
“Traders should wait for a slight pullback before jumping onto this buying bandwagon. Always put a stop at below RM2.08-RM2.03 to limit downside risk,” it said.
It said on Thursday that BIMB Holdings broke out of its consolidation triangle pattern on Wednesday.
“Looking at the chart, we think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.34 and RM2.43,” it said.
CIMB Research said the technical landscape is improving. MACD histogram bars have returned to the black while RSI has also hooked upward. The 30-day SMA has also cut above its longer term 50-day SMA, which is another positive sign.
“Traders should wait for a slight pullback before jumping onto this buying bandwagon. Always put a stop at below RM2.08-RM2.03 to limit downside risk,” it said.
