KUALA LUMPUR (Jan 13): CIMB Equities Research has a technical buy on XOX at 28.5 sen.
It said on Friday XOX appears to have formed a cup and handle pattern. The recent close above its moving averages, confirmed that the trend has now changed for the better.
CIMB Research said the MACD is now back above its zero line while its RSI is also above the 60-pts resistance mark.
“Accumulate the stock on weakness with a stop placed below the recent swing low of 23 sen. Prices should at least continue on further to test 32 sen to 34 sen next. A breakout above 34 sen is a booster for the bulls as it could send prices towards 38 sen next,” it said.
It said on Friday XOX appears to have formed a cup and handle pattern. The recent close above its moving averages, confirmed that the trend has now changed for the better.
CIMB Research said the MACD is now back above its zero line while its RSI is also above the 60-pts resistance mark.
“Accumulate the stock on weakness with a stop placed below the recent swing low of 23 sen. Prices should at least continue on further to test 32 sen to 34 sen next. A breakout above 34 sen is a booster for the bulls as it could send prices towards 38 sen next,” it said.
