KUALA LUMPUR (Jan 11): CIMB Equities Research has a technical buy on Mudajaya Group at RM2.32 at which it is trading at a FY13 price-to-earnings of 3.9 times and price-to-book value of 1.4 times.
It said on Wednesday that Mudajaya appears to have built a base near the RM2.13 level.
“As long as this level continues to hold steady, we think the risk reward ratio favours the bulls. Hence, we advocate traders to take some position here,” it said.
CIMB Research said the next upleg is likely to lift prices towards RM2.46 and RM2.66. Once these levels are taken out, the following resistance level is RM2.80.
“MACD signal line is rising while RSI has also hooked upward. Put a stop at below RM2.20, its 30-day SMA,” it said.
It said on Wednesday that Mudajaya appears to have built a base near the RM2.13 level.
“As long as this level continues to hold steady, we think the risk reward ratio favours the bulls. Hence, we advocate traders to take some position here,” it said.
CIMB Research said the next upleg is likely to lift prices towards RM2.46 and RM2.66. Once these levels are taken out, the following resistance level is RM2.80.
“MACD signal line is rising while RSI has also hooked upward. Put a stop at below RM2.20, its 30-day SMA,” it said.
