Monday 30 January 2012

CIMB Research has technical buy on Puncak Niaga at RM1.30

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.



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