KUALA LUMPUR (Jan 12): CIMB Equities Research has a technical buy on Dayang Enterprise Holdings at RM1.90 at which it is trading at a price-to-book value of 2.1 times.
It said on Thursday that Dayang broke out of its consolidation triangle pattern on high volume on Wednesday. It added the prices also shot past its 200-day SMA along the way.
“We think the stock is ripe for a stronger rebound and the candles should surpass the RM1.95 high very soon. The following resistance levels are RM2.02 and RM2.10,” it said.
CIMB Research said the technical landscape is improving. MACD signal line has staged a positive crossover while RSI has also hooked upward.
“Any pullback towards its 200-day SMA (at RM1.85) is an opportunity to accumulate. However, always place a stop at below the RM1.80 level,” it said.
It said on Thursday that Dayang broke out of its consolidation triangle pattern on high volume on Wednesday. It added the prices also shot past its 200-day SMA along the way.
“We think the stock is ripe for a stronger rebound and the candles should surpass the RM1.95 high very soon. The following resistance levels are RM2.02 and RM2.10,” it said.
CIMB Research said the technical landscape is improving. MACD signal line has staged a positive crossover while RSI has also hooked upward.
“Any pullback towards its 200-day SMA (at RM1.85) is an opportunity to accumulate. However, always place a stop at below the RM1.80 level,” it said.
