KUALA LUMPUR: CIMB Equities Research has a BUY on CB INDUSTRIAL PRODUCT HOLDING []s (CBIP) at RM4.45, where it is trading a price-to-book value of 2.1 times.
It said on Monday, April 25 that CBIP broke out of its triangle resistance on Friday, which could pan out to be the beginning of its next upleg. If prices can hold steady above the 50-day SMA, it said'' it is only a matter of time before the candles climb towards RM4.63 and RM4.76 next.
'Technical landscape is improving, reinforcing our positive stance on the stock. MACD histogram bars have returned to the black while RSI is above the 50pts mark.
'Any pullback is an opportunity to accumulate. Only a fall below RM4.18 would trigger our stop,' it said.
It said on Monday, April 25 that CBIP broke out of its triangle resistance on Friday, which could pan out to be the beginning of its next upleg. If prices can hold steady above the 50-day SMA, it said'' it is only a matter of time before the candles climb towards RM4.63 and RM4.76 next.
'Technical landscape is improving, reinforcing our positive stance on the stock. MACD histogram bars have returned to the black while RSI is above the 50pts mark.
'Any pullback is an opportunity to accumulate. Only a fall below RM4.18 would trigger our stop,' it said.
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