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CIMB Research has technical buy on Land & General
by hlk Thu 13 Oct 2011, 13:43
KUALA LUMPUR: CIMB Equities Research has a technical buy call on Land & General at 30.5 sen at which it is trading at a price-to-book value of 0.7 times.
It said on Thursday, Oct 13 it appears that the stock had broken out of its downtrend channel on Wednesday.
The rebound also lifted the candles above its 30-day SMA, which is another positive sign.
“If we are right, prices should edge closer towards 32.5 sen and 34 sen in days to come, if not weeks,” it said.
CIMB Research said the MACD signal line has staged a golden cross, pushing its histogram bars into the positive territory while RSI is also above the 50pts mark. The positive technical readings further reinforced its bullish stance on the stock.
“Risk takers may start to nibble now. However, be quick to cut loss if prices fall below yesterday’s low of 28.5 sen,” it said.
It said on Thursday, Oct 13 it appears that the stock had broken out of its downtrend channel on Wednesday.
The rebound also lifted the candles above its 30-day SMA, which is another positive sign.
“If we are right, prices should edge closer towards 32.5 sen and 34 sen in days to come, if not weeks,” it said.
CIMB Research said the MACD signal line has staged a golden cross, pushing its histogram bars into the positive territory while RSI is also above the 50pts mark. The positive technical readings further reinforced its bullish stance on the stock.
“Risk takers may start to nibble now. However, be quick to cut loss if prices fall below yesterday’s low of 28.5 sen,” it said.
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