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CIMB Research has Buy on MK Land
by hlk Wed 29 Jun 2011, 11:48
KUALA LUMPUR: CIMB Equities Research has a technical Buy on MK Land Holdings at 37.5 sen at which it is trading at a price-to-book value of 0.4 times.
It said on Wednesday, June 29 that MK Land has been trading in a triangle pattern for the past few months.
“Looking at the chart, we think it is ripe for a stronger rebound. Prices are likely to edge closer towards the RM0.40 resistance trend line once the 50-day SMA is taken out.
“Indicators remain compelling. MACD histogram bars have turned positive while RSI is also rising,” it said.
CIMB Equities Research said aggressive traders may start to nibble. A swing past RM0.40 would lift prices towards RM0.425 and RM0.46 next. Put a stop at RM0.36-0.34 depending on one risk’s appetite.
It said on Wednesday, June 29 that MK Land has been trading in a triangle pattern for the past few months.
“Looking at the chart, we think it is ripe for a stronger rebound. Prices are likely to edge closer towards the RM0.40 resistance trend line once the 50-day SMA is taken out.
“Indicators remain compelling. MACD histogram bars have turned positive while RSI is also rising,” it said.
CIMB Equities Research said aggressive traders may start to nibble. A swing past RM0.40 would lift prices towards RM0.425 and RM0.46 next. Put a stop at RM0.36-0.34 depending on one risk’s appetite.
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