KUALA LUMPUR (March 9): CIMB Equities Research has a technical buy on GAMUDA BHD [] at RM3.66 at which it is trading at a FY13 price-to-earnings of 17.4 times and price-to-book value of 2.0 times.
It said on Friday the recent consolidation dragged prices towards its 38.2% Fibonacci Retracement levels. Since then, the bulls have made a comeback.
CIMB Research said as long as prices hold on steady above the RM3.54 low, there is a good chance that the candles may edge towards RM3.84 and RM3.94.
“Technical landscape is improving. MACD signal line is poised for a positive crossover while RSI has also hooked upward.
“Aggressive traders may start to take some position here. However, be quick to cut loss if the RM3.54 low is breached,” it said.
It said on Friday the recent consolidation dragged prices towards its 38.2% Fibonacci Retracement levels. Since then, the bulls have made a comeback.
CIMB Research said as long as prices hold on steady above the RM3.54 low, there is a good chance that the candles may edge towards RM3.84 and RM3.94.
“Technical landscape is improving. MACD signal line is poised for a positive crossover while RSI has also hooked upward.
“Aggressive traders may start to take some position here. However, be quick to cut loss if the RM3.54 low is breached,” it said.
