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CIMB Research has Buy on Tebrau Teguh
by hlk Tue 28 Jun 2011, 11:07
KUALA LUMPUR: CIMB Equities Research has a technical Buy call on Tebrau Teguh at 75 sen at which it is trading at a price-to-book of 1.0 times.
It said on Tuesday, June 28 Tebrau has been trading sideways for a long while and the share price was forming a triangle. The support trend line drawn from May 10 low to March 11 low is still intact, suggesting that this is a level of significance.
“A breakout run could take place soon if the trend line support is not breached,” it said.
CIMB Research said indicators are showing signs of improvement. MACD is poised for a positive crossover while RSI has bounced off its lows.
“Aggressive traders may start to nibble now with a stop placed below RM0.73, the support trend line. Others should wait for a push above RM0.80 before going long. The following resistance is at RM0.86,” it said.
It said on Tuesday, June 28 Tebrau has been trading sideways for a long while and the share price was forming a triangle. The support trend line drawn from May 10 low to March 11 low is still intact, suggesting that this is a level of significance.
“A breakout run could take place soon if the trend line support is not breached,” it said.
CIMB Research said indicators are showing signs of improvement. MACD is poised for a positive crossover while RSI has bounced off its lows.
“Aggressive traders may start to nibble now with a stop placed below RM0.73, the support trend line. Others should wait for a push above RM0.80 before going long. The following resistance is at RM0.86,” it said.
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