KUALA LUMPUR (March 30): CIMB Equities Research has a technical buy on Genting PLANTATION [] at RM9.45 at which it is trading at a FY13 price-to-earnings of 16.3 times and price-to-book value of 2.2 times.
It said on Friday Genting Plantation is forming a triangle currently with its moving averages acting as support.
“This means that there is one more leg upwards to new highs before the rally terminates,” it said.
CIMB Research said the MACD was just flat above the zero line while its RSI is holding above the 40pts mark. Both are at neutral level but above their respective support levels.
“Aggressive traders may choose to go long here with a stop placed below RM9.25. A breakout above RM9.65 would push prices to retest the RM9.80 high and even the RM10.00 psychological level,” the research house said.
It said on Friday Genting Plantation is forming a triangle currently with its moving averages acting as support.
“This means that there is one more leg upwards to new highs before the rally terminates,” it said.
CIMB Research said the MACD was just flat above the zero line while its RSI is holding above the 40pts mark. Both are at neutral level but above their respective support levels.
“Aggressive traders may choose to go long here with a stop placed below RM9.25. A breakout above RM9.65 would push prices to retest the RM9.80 high and even the RM10.00 psychological level,” the research house said.
