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CIMB Research has technical Buy on AFG
by hlk Mon 25 Jul 2011, 10:35
KUALA LUMPUR: CIMB Research has a technical Buy on Alliance Financial
Group at RM3.72 at which it is trading at a FY12 price-to-earnings of
12.0 times and price-to-book value of 1.7 times.
It said on Monday, July 25 the recent rally pushed Alliance Financial
Group to a new high before prices consolidating sideways. The triangle
breakout on Friday suggests that there is still room to the upside.
“However, only risk takers should look at this stock as our strategy
here is to ‘buy high and sell higher’. The next resistance levels are
RM3.92 and RM4.04,” it said.
CIMB Research said the MACD is still rising while RSI is slightly
overbought. Hence, expect trading to be choppy in the near term as
prices charge towards the stipulated resistance levels. Be quick to cut
loss if RM3.43 is breached.
Group at RM3.72 at which it is trading at a FY12 price-to-earnings of
12.0 times and price-to-book value of 1.7 times.
It said on Monday, July 25 the recent rally pushed Alliance Financial
Group to a new high before prices consolidating sideways. The triangle
breakout on Friday suggests that there is still room to the upside.
“However, only risk takers should look at this stock as our strategy
here is to ‘buy high and sell higher’. The next resistance levels are
RM3.92 and RM4.04,” it said.
CIMB Research said the MACD is still rising while RSI is slightly
overbought. Hence, expect trading to be choppy in the near term as
prices charge towards the stipulated resistance levels. Be quick to cut
loss if RM3.43 is breached.
hlk- Moderator
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