KUALA LUMPUR (March 9): CIMB Equities Research has a technical buy on TH PLANTATION []s at RM2.87 at which it is trading at a price-to-book value of 2.3 times.
It said on Friday the share price broke out of its ascending triangle pattern yesterday. If the candles can continue to hold on above the support-turned-resistance trend line at RM2.84, there is a high possibility that this uptrend may be extended. The next resistance levels are RM3.10 and RM3.25.
“Indicators are also in favour of the bulls. MACD signal line is hovering in the positive territory while RSI is above the 50pts mark.
“Traders may start to take some position here to ride on the breakout run. However, always put a stop at below RM2.78-2.68 to limit downside risk,” said CIMB Research.
It said on Friday the share price broke out of its ascending triangle pattern yesterday. If the candles can continue to hold on above the support-turned-resistance trend line at RM2.84, there is a high possibility that this uptrend may be extended. The next resistance levels are RM3.10 and RM3.25.
“Indicators are also in favour of the bulls. MACD signal line is hovering in the positive territory while RSI is above the 50pts mark.
“Traders may start to take some position here to ride on the breakout run. However, always put a stop at below RM2.78-2.68 to limit downside risk,” said CIMB Research.
