KUALA LUMPUR (March 5): CIMB Equities Research has a technical buy on MAGNA PRIMA BHD [] at 86.5 sen at which it is trading at a price-to-book value of 1.9 times.
The share price broke out of its descending wedge pattern on Friday. The upswing also took out its 30-day SMA along the way.
CIMB Research said on Monday that looking at the chart, it believes the stock is poised for stronger rebound, possibly towards 91 sen and 95 sen next.
It said the technical landscape is improving, reinforcing our bullish stance. MACD signal line is poised for a positive crossover while RSI has hooked upward.
“Aggressive traders may take some position here while others can accumulate during technical pullback. Only a fall below 84.5 sen, its previous swing low, would prompt us to review our call,” it said.
The share price broke out of its descending wedge pattern on Friday. The upswing also took out its 30-day SMA along the way.
CIMB Research said on Monday that looking at the chart, it believes the stock is poised for stronger rebound, possibly towards 91 sen and 95 sen next.
It said the technical landscape is improving, reinforcing our bullish stance. MACD signal line is poised for a positive crossover while RSI has hooked upward.
“Aggressive traders may take some position here while others can accumulate during technical pullback. Only a fall below 84.5 sen, its previous swing low, would prompt us to review our call,” it said.
