KUALA LUMPUR (Feb 8): CIMB Equities Research has a technical buy on Pantech Group Holdings at 55 sen at which it is trading at a price-to-book value of 0.8 times.
The research house said on Wednesday that Pantech Group is building a base above its 200-day SMA.
“The bulls seem to have garnered some support here and we think prices are due for a rerating. If we are right, the next upswing should lift prices towards 58.5 sen and 60 sen.
“Traders should accumulate during weakness, especially near the 200-day SMA. Place a stop at below the 51.5 sen level,” it said.
CIMB Research said the MACD is still lingering in the positive territory while RSI is above the 50 pts mark.
The research house said on Wednesday that Pantech Group is building a base above its 200-day SMA.
“The bulls seem to have garnered some support here and we think prices are due for a rerating. If we are right, the next upswing should lift prices towards 58.5 sen and 60 sen.
“Traders should accumulate during weakness, especially near the 200-day SMA. Place a stop at below the 51.5 sen level,” it said.
CIMB Research said the MACD is still lingering in the positive territory while RSI is above the 50 pts mark.
