KUALA LUMPUR (Jan 16): CIMB Equities Research has a technical buy on IGB Corporation at RM2.63 at which it is trading at a price-to-book value of 1.2 times.
It said on Monday that IGB broke out of its triangle pattern on Friday.
“Looking at the chart, we think the recent consolidation is probably at its tail-end. If the candles can continue to hold on above the resistance-turned-support channel (now at RM2.57), the bulls would likely lift prices towards RM2.77 and RM2.92 next,” it said.
CIMB Research said the technical landscape remains conducive. MACD is hovering in the positive territory while RSI is above the 50pts mark. Moreover, the candles are trading above all its key moving averages.
“Risk takers may start to take some position here but always place a stop at below RM2.50. A crack below RM2.45 would imply that the stock is heading towards its 30-day and 50-day SMAs at RM2.34 and RM2.19 respectively,” it said.
It said on Monday that IGB broke out of its triangle pattern on Friday.
“Looking at the chart, we think the recent consolidation is probably at its tail-end. If the candles can continue to hold on above the resistance-turned-support channel (now at RM2.57), the bulls would likely lift prices towards RM2.77 and RM2.92 next,” it said.
CIMB Research said the technical landscape remains conducive. MACD is hovering in the positive territory while RSI is above the 50pts mark. Moreover, the candles are trading above all its key moving averages.
“Risk takers may start to take some position here but always place a stop at below RM2.50. A crack below RM2.45 would imply that the stock is heading towards its 30-day and 50-day SMAs at RM2.34 and RM2.19 respectively,” it said.
