KUALA LUMPUR (Jan 18): CIMB Equities Research has a technical buy on PERISAI PETROLEUM TEKNOLOGI [] at 77.5 sen at which it is trading at a FY13 price-to-earnings of 6.5 times and price-to-book value of 1.9 times.
“Perisai broke out of its bullish flag pattern yesterday. We think the stock is ripe for a stronger rebound. If prices can swing past its recent high of 80 sen soon, there is a good chance that prices may edge closer towards 84 sen and 88 sen,” it said on Wednesday.
CIMB Research said the technical reading is improving. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
“Aggressive traders may start to nibble now. Always put a stop at below 74 sen to limit downside risk,” it said.
“Perisai broke out of its bullish flag pattern yesterday. We think the stock is ripe for a stronger rebound. If prices can swing past its recent high of 80 sen soon, there is a good chance that prices may edge closer towards 84 sen and 88 sen,” it said on Wednesday.
CIMB Research said the technical reading is improving. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
“Aggressive traders may start to nibble now. Always put a stop at below 74 sen to limit downside risk,” it said.
