KUALA LUMPUR (March 19): CIMB Equities Research has a technical buy on MUI PROPERTIES [] at 18 sen at which it is trading at a price-to-book value of 0.6 times.
It said on Monday that MUI Properties broke out of its short term downtrend channel on Friday.
“We think buying interest should pick up in days to come. If we are right, the next upswing will likely lift prices towards RM0.195 and RM0.21. However, only risk takers should look at this stock due to the volatility of the stock,” the research house said.
The research house said the indicators are improving. MACD histogram bars are falling at a slower pace while RSI has also hooked upward.
CIMB Research said as long as the candles hold above Friday's low of 17 sen, the odds still favour the bulls. However, a fall below 16 sen would negate this bullish count.
It said on Monday that MUI Properties broke out of its short term downtrend channel on Friday.
“We think buying interest should pick up in days to come. If we are right, the next upswing will likely lift prices towards RM0.195 and RM0.21. However, only risk takers should look at this stock due to the volatility of the stock,” the research house said.
The research house said the indicators are improving. MACD histogram bars are falling at a slower pace while RSI has also hooked upward.
CIMB Research said as long as the candles hold above Friday's low of 17 sen, the odds still favour the bulls. However, a fall below 16 sen would negate this bullish count.
