KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical buy on Oldtown at RM1.28 at which it is trading at a price-to-book value of 2.0 times.
It said on Monday that Oldtown broke out of its wedge resistance on Friday with strong volume.
“We see this as a prelude to more upside ahead. If we are right, the next upswing is likely to push prices towards RM1.34, RM1.40 and RM1.50,” it said.
CIMB Research said MACD signal line is poised for a positive crossover while RSI has also hooked upward. The improving technical bodes well for the stock.
It said that aggressive traders may start to nibble now. However, it is crucial to put a stop at below the RM1.20 level. Violating this level is bearish for the stock.
It said on Monday that Oldtown broke out of its wedge resistance on Friday with strong volume.
“We see this as a prelude to more upside ahead. If we are right, the next upswing is likely to push prices towards RM1.34, RM1.40 and RM1.50,” it said.
CIMB Research said MACD signal line is poised for a positive crossover while RSI has also hooked upward. The improving technical bodes well for the stock.
It said that aggressive traders may start to nibble now. However, it is crucial to put a stop at below the RM1.20 level. Violating this level is bearish for the stock.
