KUALA LUMPUR (Jan 5): CIMB Equities Research has a technical buy on TSH Resources at RM2 at which it is trading at a price-to-book value of 2.0 times.
It said on Thursday that TSH tried to push above its triangle pattern the previous day.
“Looking at the chart, we think that the uptrend channel from its September’s low could still last a while longer. Once the RM2.04 level is taken out, the following resistance targets are RM2.15 and RM2.30,” it said.
CIMB Research said the MACD signal line is poised for a positive crossover while RSI is above the 50pts mark. The improving technical landscape bodes well for the stock.
“Aggressive traders may start to nibble now. However, always place a stop at between RM1.91-RM1.85, depending on one risk’s appetite,” it said.
It said on Thursday that TSH tried to push above its triangle pattern the previous day.
“Looking at the chart, we think that the uptrend channel from its September’s low could still last a while longer. Once the RM2.04 level is taken out, the following resistance targets are RM2.15 and RM2.30,” it said.
CIMB Research said the MACD signal line is poised for a positive crossover while RSI is above the 50pts mark. The improving technical landscape bodes well for the stock.
“Aggressive traders may start to nibble now. However, always place a stop at between RM1.91-RM1.85, depending on one risk’s appetite,” it said.
