KUALA LUMPUR (March 19): CIMB Equities Research has a technical buy on KPJ Healthcare at RM5.12 at which it is trading at a price-to-book value of 3.4 times.
It said on Monday that the uptrend from its September 2011 low does not look complete.
“Recent consolidation stopped at the 23.8% FR level and the bulls have since taken the lead,” it said.
CIMB Research said that on Friday, the stock hit a new all time high of RM5.15, reflecting the bullishness of the stock.
“Indicators are showing sign of improvement. MACD signal line has staged a positive crossover while RSI has also hooked upward. Hence, we think the uptrend could last a while longer,” it said.
The research house said that aggressive traders may take some position here. The next upleg will likely lift prices towards RM5.40 and RM5.80.
However, always place a stop at below RM5.04 to RM5.00 in case the trend reverses.
It said on Monday that the uptrend from its September 2011 low does not look complete.
“Recent consolidation stopped at the 23.8% FR level and the bulls have since taken the lead,” it said.
CIMB Research said that on Friday, the stock hit a new all time high of RM5.15, reflecting the bullishness of the stock.
“Indicators are showing sign of improvement. MACD signal line has staged a positive crossover while RSI has also hooked upward. Hence, we think the uptrend could last a while longer,” it said.
The research house said that aggressive traders may take some position here. The next upleg will likely lift prices towards RM5.40 and RM5.80.
However, always place a stop at below RM5.04 to RM5.00 in case the trend reverses.
