KUALA LUMPUR: CIMB Retail Research said PJ Development may have found its temporary low at 67 sen.
It said on Tuesday, Aug 10 the recent breakout from its downtrend channel suggests that the trend may have reversed. A stronger countertrend rebound would likely kick-in once the candles take out the 200-day SMA, now at 74 sen.
The bullish divergence on MACD shows that buying momentum is slowly picking up. Coupled with the rising RSI, we think there should be one more thrust towards 77 sen, and possibly even 82.5 sen next.
CIMB Retail Research said any pullback towards the 30-day SMA at 70 sen is an opportunity to accumulate. Ride the wave towards the stipulated resistance levels, but always place a stop at 67 sen, it added.
It said on Tuesday, Aug 10 the recent breakout from its downtrend channel suggests that the trend may have reversed. A stronger countertrend rebound would likely kick-in once the candles take out the 200-day SMA, now at 74 sen.
The bullish divergence on MACD shows that buying momentum is slowly picking up. Coupled with the rising RSI, we think there should be one more thrust towards 77 sen, and possibly even 82.5 sen next.
CIMB Retail Research said any pullback towards the 30-day SMA at 70 sen is an opportunity to accumulate. Ride the wave towards the stipulated resistance levels, but always place a stop at 67 sen, it added.
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