Wednesday, 15 February 2012

CIMB Research has technical buy on K-Star Sports at 31.5 sen

KUALA LUMPUR (Feb 15): CIMB Equities Research has a technical buy on K-Star Sports at 31.5 sen at which it is trading at a price-to-book value of 0.4 times.

It said on Wednesday that although prices pared early gains, it thinks K-Star is poised for stronger rebounds.

“The triangle breakout suggests that momentum is slowly building up. For risk takers, you might want to take some position here to ride the next upswing. The following resistance levels are 33.5 sen and 35 sen,” it said.

CIMB Research said the MACD signal line has staged a positive crossover while RSI is also rising.

“The short term reading reinforces our bullish stance on the stock.

“Any pullback is an opportunity to accumulate. However, always place a stop at below RM0.30 to limit downside exposure,” said the research house.

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