KUALA LUMPUR (Jan 30): CIMB Equities Research has a technical buy on Puncak Niaga Holdings at RM1.30 at which it is trading at a price-to-book value of 11.3 times.
It said on Monday that Puncak appears to have hit at least a short term bottom at 95 sen.
“Friday’s big surge on the biggest volume in the past six years suggests that this could potentially be the beginning of a big rebound,” it said.
CIMB Research said the technical landscape is still positive with the MACD and RSI sporting a bullish divergence. Both indicators also hooked upwards.
“Buying at current levels with a stop placed below RM1.08. We expect prices to test the downtrend resistance line at RM1.48 soon. A breakout above would likely signal that prices could reach as high as RM2.00 as there are no strong resistance levels in between,” it said.
It said on Monday that Puncak appears to have hit at least a short term bottom at 95 sen.
“Friday’s big surge on the biggest volume in the past six years suggests that this could potentially be the beginning of a big rebound,” it said.
CIMB Research said the technical landscape is still positive with the MACD and RSI sporting a bullish divergence. Both indicators also hooked upwards.
“Buying at current levels with a stop placed below RM1.08. We expect prices to test the downtrend resistance line at RM1.48 soon. A breakout above would likely signal that prices could reach as high as RM2.00 as there are no strong resistance levels in between,” it said.
