KUALA LUMPUR (Feb 28): CIMB Equities Research has a technical buy on BIMB Holdings at RM2.16 at which it is trading at a price-to-book value of 1.3 times.
It said on Tuesday that prices have broken out of its long term triangle pattern in January and have stayed above the triangle support.
“It appears to be forming a bullish flag pattern just above its moving averages. With its indicators in consolidation mode, the bullish flag pattern could continue for a while longer. Nevertheless, it provides traders time to get in,” it said.
CIMB Research said the stock was a buy with a stop loss placed below RM2.07. A breakout above the RM2.22 flag resistance would mean that prices are headed back to retest RM2.43 high.
It said on Tuesday that prices have broken out of its long term triangle pattern in January and have stayed above the triangle support.
“It appears to be forming a bullish flag pattern just above its moving averages. With its indicators in consolidation mode, the bullish flag pattern could continue for a while longer. Nevertheless, it provides traders time to get in,” it said.
CIMB Research said the stock was a buy with a stop loss placed below RM2.07. A breakout above the RM2.22 flag resistance would mean that prices are headed back to retest RM2.43 high.
