KUALA LUMPUR (Jan 17): CIMB Equities Research has a technical buy on Mulpha International at 38 sen at which it is trading at a price-to-book value of 0.3 times.
It said on Tuesday that Mulpha International has been trading in a sideways consolidation mode for the past few weeks after it broke out from its medium term downtrend channel in early December 2011.
“This shows that a near term bottom may have been formed. The 37 sen level is the immediate support,” it said.
CIMB Research said the technical landscape remains lethargic, reflecting its early consolidation tone. MACD is flat while RSI is hovering slightly below the 50 pts mark.
“Traders with higher risk appetite may start to nibble now. However, be quick to cut loss if the 37 sen level is breached. Meanwhile, resistance is at 40 sen and 42.5 sen. The 200-day SMA is also a magnet for prices,” it said.
It said on Tuesday that Mulpha International has been trading in a sideways consolidation mode for the past few weeks after it broke out from its medium term downtrend channel in early December 2011.
“This shows that a near term bottom may have been formed. The 37 sen level is the immediate support,” it said.
CIMB Research said the technical landscape remains lethargic, reflecting its early consolidation tone. MACD is flat while RSI is hovering slightly below the 50 pts mark.
“Traders with higher risk appetite may start to nibble now. However, be quick to cut loss if the 37 sen level is breached. Meanwhile, resistance is at 40 sen and 42.5 sen. The 200-day SMA is also a magnet for prices,” it said.
