KUALA LUMPUR (Feb 17): CIMB Equities Research has a technical buy on Mitrajaya Holdings at 61.5 sen at which it trading at a price-to-book value of 0.8 times.
It said on Friday that Mitrajaya has been trending sideways for the past few days.
“We think a short term base is formed above its 200-day SMA. If the candles can continue to hold on above this moving average, there is a good chance that prices may re-rate towards 67.5 sen and 74 sen,” it said.
CIMB Research said the technical landscape remains positive. MACD signal line is still rising while RSI is above the 50pts mark.
“Any pullback towards 57.5 sen is an opportunity to accumulate. However, always place a stop at below 57 sen to limit downside risk,” it said.
It said on Friday that Mitrajaya has been trending sideways for the past few days.
“We think a short term base is formed above its 200-day SMA. If the candles can continue to hold on above this moving average, there is a good chance that prices may re-rate towards 67.5 sen and 74 sen,” it said.
CIMB Research said the technical landscape remains positive. MACD signal line is still rising while RSI is above the 50pts mark.
“Any pullback towards 57.5 sen is an opportunity to accumulate. However, always place a stop at below 57 sen to limit downside risk,” it said.
