Tuesday, 6 March 2012

CIMB Research has technical buy on TDM at RM4.95

KUALA LUMPUR (March 6): CIMB Equities Research has a technical buy on TDM at RM4.95 at which it is trading at a price-to-book value of 1.0 times.

It said on Tuesday that TDM has been trending sideways for the past few weeks but prices broke out of its resistance trend line on Monday.

“We think that the stock could still make one more push higher from here, possibly towards a new high at RM5.30 after the candles swing above its yesterday’s high of RM5.05,” it said.

CIMB Research said that the selling pressure has tapered off, evident from the improving technical landscape. MACD signal line is poised for a positive crossover while RSI has also hooked upward.

“Put a stop at below the RM4.85 level. A slip below RM4.50 would indicate that the uptrend has exhausted. Next downleg will then drag prices back towards RM4.22 and RM4.10,” it said.

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