CIMB Research has technical Buy on TH Plantations

KUALA LUMPUR: CIMB Equities Research has a technical Buy on TH PLANTATION []s at RM2.19, at which it is trading at a price-to-book value of 2.0 times.

It said on Tuesday, Aug 2 that TH Plantation appears to be consolidating sideways, forming a triangle pattern in the process.

“Yesterday’s bullish white candle could potentially be the start of its breakout move. It is now trading just below its triangle resistance at RM2.20,” it said.

CIMB Research said the technical landscape is improving with MACD continuing on its rise while the RSI is also above the 60-pts mark. Both indicators calls for further upside for the stock.

“Aggressive traders may get in now with a tight stop placed below RM2.12 levels. Other could place their stop below RM2.05 instead. A push past the RM2.20 levels would mean that the stock could be heading to new highs, around the RM2.40-RM2.50 levels,” it said.