KUALA LUMPUR (Jan 27): CIMB Equities Research has a technical buy on SYF RESOURCES BHD [] at 56 sen at which it is trading at a price-to-book value of 1.1 times.
It said on Friday the stock broke out of its consolidation triangle pattern yesterday on rising volume. This breakout could be the start of a new bullish run.
CIMB Research said the indicators are showing signs of improvement. Its MACD just confirmed its golden crossover while its RSI is starting to rise once more.
“The stock is a buy now with a stop placed below 50.5 sen. Prices could climb towards 62.5 sen in the near term. The next possible stopping point would be the 68 sen to 69 sen gap set in December last year if the 62.5 sen resistance can be taken out,” it said.
It said on Friday the stock broke out of its consolidation triangle pattern yesterday on rising volume. This breakout could be the start of a new bullish run.
CIMB Research said the indicators are showing signs of improvement. Its MACD just confirmed its golden crossover while its RSI is starting to rise once more.
“The stock is a buy now with a stop placed below 50.5 sen. Prices could climb towards 62.5 sen in the near term. The next possible stopping point would be the 68 sen to 69 sen gap set in December last year if the 62.5 sen resistance can be taken out,” it said.
