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NewsCIMB Research has Buy on BIMB at RM2.41
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CIMB Research has Buy on BIMB at RM2.41
by hlk Tue 12 Jul 2011, 10:19
KUALA LUMPUR: CIMB Equities Research has a technical Buy call on BIMB Holdings, at which it is trading at a price-to-book value of 1.5 times.
It said on Tuesday, July 12 the rally from its March low is still intact. Recently, BIMB hit a new 52-week high of RM2.47 before prices consolidated sideways.
CIMB Research said it appears that a triangle pattern is in the making and this suggests that there is still one more leg up.
“A new high is likely within reached in days or weeks to come. MACD is rising but RSI is slightly overbought. Hence, our strategy here is to buy during pullbacks.
“As long as prices hold on steady above RM2.22, the bulls have the upper hand. The following resistance levels are RM2.55 and RM2.65,” it said.
It said on Tuesday, July 12 the rally from its March low is still intact. Recently, BIMB hit a new 52-week high of RM2.47 before prices consolidated sideways.
CIMB Research said it appears that a triangle pattern is in the making and this suggests that there is still one more leg up.
“A new high is likely within reached in days or weeks to come. MACD is rising but RSI is slightly overbought. Hence, our strategy here is to buy during pullbacks.
“As long as prices hold on steady above RM2.22, the bulls have the upper hand. The following resistance levels are RM2.55 and RM2.65,” it said.
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