KUALA LUMPUR: CIMB Equities Research has a Buy on YTL Land & Development at RM1.75.
'Recent pullback dragged prices towards the 38.2% FR level. Since then, prices have been holding steadily above this level. We think a stronger rebound is imminent and prices could swing past its 30-day SMA soon,' it said.
The research house said on Thursday, March 10 the technical landscape is improving. MACD histogram bars are falling at a slower pace while its RSI has also hooked upward.'' Once the 30-day SMA is taken out, the following resistance is at RM1.95 and RM2.08.
'Our strategy here is to accumulate on weakness. However, be quick to cut loss if the 38.2% FR level of RM1.63 is violated as next downside targets are RM1.49 and RM1.35,' it said.
'Recent pullback dragged prices towards the 38.2% FR level. Since then, prices have been holding steadily above this level. We think a stronger rebound is imminent and prices could swing past its 30-day SMA soon,' it said.
The research house said on Thursday, March 10 the technical landscape is improving. MACD histogram bars are falling at a slower pace while its RSI has also hooked upward.'' Once the 30-day SMA is taken out, the following resistance is at RM1.95 and RM2.08.
'Our strategy here is to accumulate on weakness. However, be quick to cut loss if the 38.2% FR level of RM1.63 is violated as next downside targets are RM1.49 and RM1.35,' it said.
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