KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical buy on Unisem at RM1.51 at which it is trading at a price-to-book value of 0.9 times.
It said on Monday Unisem looks set to break out of its wedge resistance. A breakout of the resistance trend line (now at RM1.54) should lift prices back towards RM1.66 and RM1.75.
“Although MACD signal line is still dwindling, we believe the downtrend will reverse soon. RSI indicator has hooked upward.
“Risk takers may take some position here while others should join the buying bandwagon when the candles swing past the RM1.54 level. Be quick to cut loss if the RM1.44 level is breached,” said CIMB Research.
It said on Monday Unisem looks set to break out of its wedge resistance. A breakout of the resistance trend line (now at RM1.54) should lift prices back towards RM1.66 and RM1.75.
“Although MACD signal line is still dwindling, we believe the downtrend will reverse soon. RSI indicator has hooked upward.
“Risk takers may take some position here while others should join the buying bandwagon when the candles swing past the RM1.54 level. Be quick to cut loss if the RM1.44 level is breached,” said CIMB Research.
