KUALA LUMPUR (March 21): CIMB Equities Research has a technical buy on OPENSYS (M) BHD [] at 14.5 sen which it is trading at a price-to-book of 0.8 times.
It said on Wednesday the correction in February was sharp. Prices plunged from a high of 22 sen to reach a low of 12 sen before the bulls started to make a comeback. Currently, the stock is lingering a tad below its moving averages.
“If the candles can close above the 30-day and 50-day SMAs over the next few days, we believe momentum would pick up strongly. This should further lift prices towards 16 sen and 18.5 sen,” it said.
CIMB Research said its strategy was to buy on breakout. Hence, traders should only take position when prices close above 15 sen.
“Be quick to cut loss if the 14 sen level is breached as next support is at 12 sen,” it said.
According to CIMB Research, Opensys designs and develops touch ESM (efficient service machine), develops and licenses proprietary enterprise software products for customers in the financial services industry under its eSys suite of solutions, and provides IT services with its own software products.
It said on Wednesday the correction in February was sharp. Prices plunged from a high of 22 sen to reach a low of 12 sen before the bulls started to make a comeback. Currently, the stock is lingering a tad below its moving averages.
“If the candles can close above the 30-day and 50-day SMAs over the next few days, we believe momentum would pick up strongly. This should further lift prices towards 16 sen and 18.5 sen,” it said.
CIMB Research said its strategy was to buy on breakout. Hence, traders should only take position when prices close above 15 sen.
“Be quick to cut loss if the 14 sen level is breached as next support is at 12 sen,” it said.
According to CIMB Research, Opensys designs and develops touch ESM (efficient service machine), develops and licenses proprietary enterprise software products for customers in the financial services industry under its eSys suite of solutions, and provides IT services with its own software products.
