Wednesday, 7 March 2012

CIMB Research has technical buy on Brahim’s Holdings at RM1.14

KUALA LUMPUR (March 7): CIMB Equities Research has a technical buy on Brahim’s Holdings at RM1.14 at which it is trading at a price-to-book value of 2.3 times.

It said on Wednesday that Brahim’s Holdings broke out of its consolidation triangle pattern yesterday.

“We see this as a prelude to more upside ahead. If we are right, the next upswing will likely lift prices towards RM1.20 and RM1.30,” it said.

CIMB Research said the technical landscape was subdued, reflecting its earlier consolidation. Both MACD and RSI signal lines are turning flat.

“Aggressive traders may start to accumulate now. However, always place a stop at below RM1.07 to limit downside risk. A fall below RM1.03 would likely confirm that the uptrend from January is over,” it said.

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