KUALA LUMPUR (Jan 19): CIMB Equities Research has a technical buy on Mudajaya Group at RM2.53 at which it is trading at a FY13 price-to-earnings of 4.3 times and price-to-book value of 1.6 times.
“Mudajaya also swung above its triangle resistance yesterday. It seems that prices are likely to re-rate towards the next resistance at RM2.66 soon,” said the research house on Thursday.
CIMB Research if this level is also taken out, the following targets are RM2.78 and RM2.98.
“Indicators remain positive. MACD signal line is stil hovering above the zero level while RSI is above the 50pts mark,” it said.
The research house said aggressive traders may take some position here while others should wait for a push above RM2.57 before going long. Put a stop at below RM2.48-RM2.36.
“Mudajaya also swung above its triangle resistance yesterday. It seems that prices are likely to re-rate towards the next resistance at RM2.66 soon,” said the research house on Thursday.
CIMB Research if this level is also taken out, the following targets are RM2.78 and RM2.98.
“Indicators remain positive. MACD signal line is stil hovering above the zero level while RSI is above the 50pts mark,” it said.
The research house said aggressive traders may take some position here while others should wait for a push above RM2.57 before going long. Put a stop at below RM2.48-RM2.36.
