KUALA LUMPUR (Jan 11) CIMB Equities Research has a technical buy on GAMUDA BHD [] at RM3.53 at which it is trading at a FY13 price-to-earnings of 11.8 times and price-to-book value of 1.9 times.
It said on Wednesday that Gamuda looks set to break out from its triangle resistance.
“Traders with higher risk appetite may take some position here as follow through momentum should pick up once the candles swing past the RM3.55 level,” it said.
CIMB Research said the MACD signal line is still trading in the positive territory, suggesting that the trend is still up. RSI too is above the 50pts mark.
“As long as prices stay above its 200-day SMA, there is still a good chance for the stock to charge towards RM3.70 and RM3.84. Put a stop at below RM3.36,” it said.
It said on Wednesday that Gamuda looks set to break out from its triangle resistance.
“Traders with higher risk appetite may take some position here as follow through momentum should pick up once the candles swing past the RM3.55 level,” it said.
CIMB Research said the MACD signal line is still trading in the positive territory, suggesting that the trend is still up. RSI too is above the 50pts mark.
“As long as prices stay above its 200-day SMA, there is still a good chance for the stock to charge towards RM3.70 and RM3.84. Put a stop at below RM3.36,” it said.
