KUALA LUMPUR (Jan 10): CIMB Equities Research has a technical buy on Land & General at 37.5 sen at which it is trading at a price-to-book value of 0.9 times.
It said on Tuesday Land & General broke out of its wedge pattern on Monday.
“It appears that prices could still make one more push towards its recent high of 42 sen again.
“However, in the immediate term, we see some hindrance near the 39.5 sen level. The 200-day SMA (at 38.5 sen) is also a magnet for prices,” it said.
CIMB Research said the technical landscape was improving. MACD signal line has returned to the black while RSI is above the 50pts mark.
The research house said aggressive traders may start to nibble now. However, always put a stop at below 35 sen.
“A fall below its 30-day SMA (at 34.5 sen) would mean that the stock is still trapped in a prolonged consolidation mode,” it said.
It said on Tuesday Land & General broke out of its wedge pattern on Monday.
“It appears that prices could still make one more push towards its recent high of 42 sen again.
“However, in the immediate term, we see some hindrance near the 39.5 sen level. The 200-day SMA (at 38.5 sen) is also a magnet for prices,” it said.
CIMB Research said the technical landscape was improving. MACD signal line has returned to the black while RSI is above the 50pts mark.
The research house said aggressive traders may start to nibble now. However, always put a stop at below 35 sen.
“A fall below its 30-day SMA (at 34.5 sen) would mean that the stock is still trapped in a prolonged consolidation mode,” it said.
