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NewsCIMB Research has Buy on Jotech at 14 sen a
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CIMB Research has Buy on Jotech at 14 sen a
by hlk Tue 28 Jun 2011, 11:05
KUALA LUMPUR: CIMB Equities Research has a technical Buy call on Jotech Holdings at 14 sen at which it is trading at a price-to-book of 1.1 times.
It said on Tuesday, June 28 the pullback from its 52-week high hit a low of RM0.115 before the bulls started to make a comeback. Since then, Jotech Holdings has been trading in a triangle pattern.
MACD histogram bars have swung back into the positive territory. This suggests that a breakout run is likely to happen. RSI is also rising.
“Traders should wait for a pullback near its moving averages at RM0.13- 0.135 before going long. Alternatively, buy after RM0.15 is taken out. Resistance is at RM0.155, RM0.17 and RM0.20,” it said.
It said on Tuesday, June 28 the pullback from its 52-week high hit a low of RM0.115 before the bulls started to make a comeback. Since then, Jotech Holdings has been trading in a triangle pattern.
MACD histogram bars have swung back into the positive territory. This suggests that a breakout run is likely to happen. RSI is also rising.
“Traders should wait for a pullback near its moving averages at RM0.13- 0.135 before going long. Alternatively, buy after RM0.15 is taken out. Resistance is at RM0.155, RM0.17 and RM0.20,” it said.
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