KUALA LUMPUR (Feb 13): CIMB Equities Research has a technical buy on Hiap Teck Venture at 69 sen at which it is trading at a price-to-book value of 0.4 times.
It said on Monday Hiap Teck Venture broke out of its bullish wedge pattern few days ago before prices started to build a base around its 50-day SMA.
Last Friday, the stock moved a tad closer towards its 200-day SMA.
“If prices can swing above the 70 sen level, we think that there is a good chance that the candle can edge towards 74 sen and 79 sen. Hence, aggressive traders might want to take some position here. However, always put a stop at below the 65 sen level,” it said.
CIMB Research said the technical landscape remains positive. MACD signal line is hovering in the positive territory while RSI is also above the 50-pts mark.
It said on Monday Hiap Teck Venture broke out of its bullish wedge pattern few days ago before prices started to build a base around its 50-day SMA.
Last Friday, the stock moved a tad closer towards its 200-day SMA.
“If prices can swing above the 70 sen level, we think that there is a good chance that the candle can edge towards 74 sen and 79 sen. Hence, aggressive traders might want to take some position here. However, always put a stop at below the 65 sen level,” it said.
CIMB Research said the technical landscape remains positive. MACD signal line is hovering in the positive territory while RSI is also above the 50-pts mark.
