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NewsCIMB Research has Buy on E&O at RM1.56
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CIMB Research has Buy on E&O at RM1.56
by hlk Wed 29 Jun 2011, 11:47
KUALA LUMPUR: CIMB Equities Research has a technical Buy on Eastern & Oriental at RM1.56 at which it is trading at a price-to-earnings of 18.6 times and price-to-book value of 1.2 times.
It said on Wednesday, June 29 Eastern & Oriental appears to be forming a triangle pattern. If prices can take out the resistance trend line (now at RM1.63), there is a good chance that the candles may swing to new highs. The following resistance levels are RM1.80 and RM2.01.
“Prices are supported by its 30-day and 50-day SMAs. As long as these levels hold, the odds continue to favour the bulls. Only a fall below RM1.43 would trigger our stop,” it said.
CIMB Research said the technical landscape is improving. MACD is poised for a positive crossover while RSI has also hooked upward, reinforcing its bullish stance.
It said on Wednesday, June 29 Eastern & Oriental appears to be forming a triangle pattern. If prices can take out the resistance trend line (now at RM1.63), there is a good chance that the candles may swing to new highs. The following resistance levels are RM1.80 and RM2.01.
“Prices are supported by its 30-day and 50-day SMAs. As long as these levels hold, the odds continue to favour the bulls. Only a fall below RM1.43 would trigger our stop,” it said.
CIMB Research said the technical landscape is improving. MACD is poised for a positive crossover while RSI has also hooked upward, reinforcing its bullish stance.
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