KUALA LUMPUR (Jan 17): CIMB Equities Research has a technical buy on WTK Holdings at RM1.33 at which it is trading at a price-to-book value of 0.5 times.
It said on Tuesday that WTK Holdings broke out of its medium term downtrend channel few weeks ago and prices are now building a base above its 30-day and 50-day SMAs.
“As long as these moving averages hold steady, we think the stock is ripe for a stronger rebound. Buying momentum should pick up once the RM1.36 level is taken out. The following resistance levels are RM1.44 and RM1.54,” it said.
CIMB Research said the MACD signal line has returned to the black while RSI is above the 50pts mark. Hence, the odds seem to favour the bulls.
“Any pullback towards its 50-day SMA is an opportunity to accumulate. However, always put a stop at below RM1.24, its current 30-day SMA,” it said.
It said on Tuesday that WTK Holdings broke out of its medium term downtrend channel few weeks ago and prices are now building a base above its 30-day and 50-day SMAs.
“As long as these moving averages hold steady, we think the stock is ripe for a stronger rebound. Buying momentum should pick up once the RM1.36 level is taken out. The following resistance levels are RM1.44 and RM1.54,” it said.
CIMB Research said the MACD signal line has returned to the black while RSI is above the 50pts mark. Hence, the odds seem to favour the bulls.
“Any pullback towards its 50-day SMA is an opportunity to accumulate. However, always put a stop at below RM1.24, its current 30-day SMA,” it said.
