KUALA LUMPUR (March 22): CIMB Equities Research has a technical buy on 28.5 sen at which it is trading at a price-to-book of 1.7 times.
It said on Thursday Envair is still consolidating in a huge triangle pattern. If the candles can swing past the flag resistance trend line, there is a possibility that prices may bounce back to test the 31 sen and 34 sen levels, it added.
“Indicators readings remain lethargic, but we think these are likely the reflection of its earlier consolidation. Be quick to cut loss if the candles drop below its 50-day SMA, now at 27.5 sen,” it said.
It said on Thursday Envair is still consolidating in a huge triangle pattern. If the candles can swing past the flag resistance trend line, there is a possibility that prices may bounce back to test the 31 sen and 34 sen levels, it added.
“Indicators readings remain lethargic, but we think these are likely the reflection of its earlier consolidation. Be quick to cut loss if the candles drop below its 50-day SMA, now at 27.5 sen,” it said.
