KUALA LUMPUR (March 23): CIMB Equities Research has a technical buy on Advance Synergy at 19.5 sen at which it is trading at a price-to-book value of 0.2 times.
The research house said on Friday the stock appears to have formed a triangle pattern. Thursday’s pick up in trading volume could also mean that the triangle may have ended and is ready to move up again.
“Indicators readings are beginning to improve, supporting the view that the consolidation may be over. Aggressive traders may opt to go long here with a cut loss point below 18.5 sen. Near term, prices could test 22.5 sen, its triangle resistance. A breakout could take prices towards 26.5 sen,” said CIMB Research.
The research house said on Friday the stock appears to have formed a triangle pattern. Thursday’s pick up in trading volume could also mean that the triangle may have ended and is ready to move up again.
“Indicators readings are beginning to improve, supporting the view that the consolidation may be over. Aggressive traders may opt to go long here with a cut loss point below 18.5 sen. Near term, prices could test 22.5 sen, its triangle resistance. A breakout could take prices towards 26.5 sen,” said CIMB Research.
