KUALA LUMPUR (Jan 16): CIMB Equities Research has a technical buy on Press Metal at RM1.85 at which it is trading at a price-to-book value of 0.8 times.
It said on Monday that Press Metal broke out of its sideways consolidation on Friday. Prices also took out its 50-day SMA along the way.
“We believe this is a prelude to more upside ahead and prices are set to charge towards RM1.96 and RM2.09 in the near term. The 200-day SMA is also a magnet for prices,” it said.
CIMB Research said the technical landscape is improving. MACD has staged a positive crossover while RSI has begun to hook upward.
“Any pullback is an opportunity to accumulate. Always put a stop at between RM1.77-RM1.70 to limit downside exposure,” it said.
It said on Monday that Press Metal broke out of its sideways consolidation on Friday. Prices also took out its 50-day SMA along the way.
“We believe this is a prelude to more upside ahead and prices are set to charge towards RM1.96 and RM2.09 in the near term. The 200-day SMA is also a magnet for prices,” it said.
CIMB Research said the technical landscape is improving. MACD has staged a positive crossover while RSI has begun to hook upward.
“Any pullback is an opportunity to accumulate. Always put a stop at between RM1.77-RM1.70 to limit downside exposure,” it said.
