KUALA LUMPUR (Feb 3): CIMB Equities Research has a technical buy on IJM Land at RM2.22 at which it is trading at a price-to-book value of 1.4 times.
It said on Friday that IJM Land is still consolidating in a triangle pattern but it thinks the stock is ripe for a stronger rebound.
“Investors should join the bandwagon when the breakout takes place. Once the RM2.26 level is taken out, the following resistance targets are RM2.39 and RM2.50,” it said.
CIMB Research said the MACD was hovering near the zero level while RSI is above the 50pts mark. The candles are also trading above its 30-day and 50-day SMAs.
“Only a fall below RM2.12 would negate our bullish stance on the stock. Once RM2.08 is breached, the next support levels are RM1.98 and RM1.85,” it said.
It said on Friday that IJM Land is still consolidating in a triangle pattern but it thinks the stock is ripe for a stronger rebound.
“Investors should join the bandwagon when the breakout takes place. Once the RM2.26 level is taken out, the following resistance targets are RM2.39 and RM2.50,” it said.
CIMB Research said the MACD was hovering near the zero level while RSI is above the 50pts mark. The candles are also trading above its 30-day and 50-day SMAs.
“Only a fall below RM2.12 would negate our bullish stance on the stock. Once RM2.08 is breached, the next support levels are RM1.98 and RM1.85,” it said.
