KUALA LUMPUR: CIMB Retail Research has a Buy on Genting Malaysia at RM3.67.
It said on Wednesday, April 20 that after breaking out of its triangle resistance in April, Genting Malaysia consolidated in a bullish flag pattern.
'Looking at the chart, we think this uptrend still has legs. The next run-up should push prices towards its previous high of RM3.84 again before heading towards RM4.04 next,' it said.
CIMB Research said although MACD and RSI are losing some pace, the candles are holding above all its key moving averages. As such, selling pressure will likely remain contained in the near term.
'Aggressive traders may start to nibble now. Others should wait for a breakout above RM3.73 before joining the bandwagon. Be quick to cut loss if the RM3.60 level is breached,' it said.
It said on Wednesday, April 20 that after breaking out of its triangle resistance in April, Genting Malaysia consolidated in a bullish flag pattern.
'Looking at the chart, we think this uptrend still has legs. The next run-up should push prices towards its previous high of RM3.84 again before heading towards RM4.04 next,' it said.
CIMB Research said although MACD and RSI are losing some pace, the candles are holding above all its key moving averages. As such, selling pressure will likely remain contained in the near term.
'Aggressive traders may start to nibble now. Others should wait for a breakout above RM3.73 before joining the bandwagon. Be quick to cut loss if the RM3.60 level is breached,' it said.
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