KUALA LUMPUR (Jan 26): CIMB Research has technical buy on WTK Holdings at RM1.44 at which it is trading at a price-to-book value of 0.6 times.
It said on Thursday WTK Holdings broke out of its minor triangle pattern last week.
CIMB Research said looking at the chart, it seems that the bulls are trying to push prices back towards the RM1.53, 200-day SMA and possibly even RM1.62 levels.
“MACD signal line has staged a positive crossover while RSI is also rising. The positive technical readings reinforce our short term bullish stance with the only exception being its overbought RSI.
“Traders may start to accumulate on weakness. However, always put a stop at below RM1.37-RM1.34. A break below RM1.29 would cancel out this bullish run,” it said.
It said on Thursday WTK Holdings broke out of its minor triangle pattern last week.
CIMB Research said looking at the chart, it seems that the bulls are trying to push prices back towards the RM1.53, 200-day SMA and possibly even RM1.62 levels.
“MACD signal line has staged a positive crossover while RSI is also rising. The positive technical readings reinforce our short term bullish stance with the only exception being its overbought RSI.
“Traders may start to accumulate on weakness. However, always put a stop at below RM1.37-RM1.34. A break below RM1.29 would cancel out this bullish run,” it said.
