Thursday, 8 March 2012

CIMB Research has technical buy on N2N Connect at 48 sen

KUALA LUMPUR (March 8): CIMB Equities Research has a technical buy on N2N Connect at 48 sen at which it is trading at a price-to-book value of 3.8 times.

It said on Thursday that N2N Connect broke out of its wedge pattern yesterday.

“We see this as a prelude to more upside ahead. If prices can continue to hold on above the resistance-turned-support trend line, there is a good chance that the candles may charge towards 50 sen and 55 sen next,” it said.

CIMB Research said the odds are favouring the bulls at the moment. MACD signal line is still rising while RSI is above the 50pts mark.

“Aggressive traders may start to nibble now. However, always place a stop at below the 43 sen to 41 sen levels,” it said.

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