KUALA LUMPUR: CIMB Equities Research said TAN CHONG MOTOR HOLDINGS BHD []'s shares price, if it can swing above the resistance trend line of RM5.28, there is a good chance that it may retest the 23.6% FR level at RM5.50.
It said in its technical outlook on Monday, Jan 17 that risk takers may start to accumulate now before the breakout materialises.
'A rise above its 50-day SMA would confirm the bullish tone. Resistance is at RM5.50, RM5.75 and RM6.02,' it said.
CIMB Research said its bullish stance is reflected by the improving technical landscape.
'MACD has staged a positive crossover while RSI is also above the 50pts mark. Cut losses if prices fall below the RM4.94-RM4.83 levels,' it said.
It said in its technical outlook on Monday, Jan 17 that risk takers may start to accumulate now before the breakout materialises.
'A rise above its 50-day SMA would confirm the bullish tone. Resistance is at RM5.50, RM5.75 and RM6.02,' it said.
CIMB Research said its bullish stance is reflected by the improving technical landscape.
'MACD has staged a positive crossover while RSI is also above the 50pts mark. Cut losses if prices fall below the RM4.94-RM4.83 levels,' it said.
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