CIMB Research has Technical Buy on BIMB

KUALA LUMPUR: CIMB Equities Research has a Technical Buy on BIMB HOLDINGS BHD [] at RM2.09 at which it is trading at a price-to-book value of 1.3 times.

It said on Friday, Aug 12 that despite recent consolidation, prices continue to hold on steady within its bullish flag pattern. This shows that prices could still make one more upleg to retest its previous high of RM2.47.

“However, in the immediate term, we see resistance at RM2.20-RM2.32,” it said.

CIMB Research said aggressive traders may start to nibble now. Nevertheless, always put a stop at below its previous swing low of RM2.00 to keep risk low.

Trading could be choppy in the near term due to the lethargic technical readings. MACD signal line is still heading south while RSI is also below the 50pts mark.

BIMB provides all aspects of Islamic banking services and also underwrites family and general takaful.