KUALA LUMPUR: CIMB Retail Research has a Buy call on Boustead Heavy Industries at RM4.23 after it broke out of its bullish descending wedge few days ago.
It said on Tuesday, April 5 the run-up also lifted prices above its key moving averages. It believes BHIC's short term outlook is promising and prices are likely to inch closer towards RM4.40, RM4.64 and RM4.86 next.
'Technical landscape remains compelling. MACD is still rising while RSI is above the 50pts mark. Traders may start to nibble now to join this potential breakout rally. However, always put a stop at below RM4.10-RM4.06 to limit exposure,' it said.
It said on Tuesday, April 5 the run-up also lifted prices above its key moving averages. It believes BHIC's short term outlook is promising and prices are likely to inch closer towards RM4.40, RM4.64 and RM4.86 next.
'Technical landscape remains compelling. MACD is still rising while RSI is above the 50pts mark. Traders may start to nibble now to join this potential breakout rally. However, always put a stop at below RM4.10-RM4.06 to limit exposure,' it said.
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