KUALA LUMPUR (Feb 3): CIMB Equities Research has a technical buy on Alam Maritim Resources at 78 sen, at which it is trading at a FY13 price-to-earnings of 5.6 times and price-to-book value of 1.3 times.
It said on Friday that Alam Maritim is trying to hold its footing above the resistance-turned-support channel. If a base is indeed formed here, we see the potential likelihood of another upward thrust towards RM0.815 and RM0.845.
“Technical landscape is improving. MACD signal line has returned to the black while RSI has also hooked upward.
“As long as the candles remain above its 30-day and 50-day SMAs, we think the bulls have the upper hand here. Be quick to cut loss if 73 sen is breached,” CIMB Research said.
It said on Friday that Alam Maritim is trying to hold its footing above the resistance-turned-support channel. If a base is indeed formed here, we see the potential likelihood of another upward thrust towards RM0.815 and RM0.845.
“Technical landscape is improving. MACD signal line has returned to the black while RSI has also hooked upward.
“As long as the candles remain above its 30-day and 50-day SMAs, we think the bulls have the upper hand here. Be quick to cut loss if 73 sen is breached,” CIMB Research said.
