KUALA LUMPUR (March 29): CIMB Equities Research has a technical buy on Padini Holdings at RM1.42, at which it is trading at a price-to-book value of 3.0 times.
It said on Wednesday the recent consolidation found its support near the 30-day SMA. If the candles can continue to hold on above its recent swing low of RM1.37 over the next few days, the research house expected buying momentum to pick up again.
“Technical landscape is showing signs of improvement. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
“Risk takers may consider taking some position now. However, be quick to cut loss if the RM1.39 low is violated. The next resistance levels are RM1.51, RM1.57 and RM1.60,” said CIMB Research.
It said on Wednesday the recent consolidation found its support near the 30-day SMA. If the candles can continue to hold on above its recent swing low of RM1.37 over the next few days, the research house expected buying momentum to pick up again.
“Technical landscape is showing signs of improvement. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
“Risk takers may consider taking some position now. However, be quick to cut loss if the RM1.39 low is violated. The next resistance levels are RM1.51, RM1.57 and RM1.60,” said CIMB Research.
