KUALA LUMPUR: CIMB Equities Research has a Buy on Petaling Tin as it had a good run on Tuesday, April 19.
In its technical share price outlook on Wednesday, April 20, it said the rally took out its 30-day and 50-day SMAs with rising volume, indicating that the bulls were strong here.
'Looking at the flow, we believe this uptrend still has legs. The following upside targets are 52 sen and 55.5 sen. Technical landscape is improving. MACD is poised for a positive crossover while RSI too has hooked upward.
'As long as prices stay above the 50-day SMA, we think the odds favour the bulls. However, we would prefer to buy during pullback, possibly near 43.5 sen to 40.5 sen,' it said.
In its technical share price outlook on Wednesday, April 20, it said the rally took out its 30-day and 50-day SMAs with rising volume, indicating that the bulls were strong here.
'Looking at the flow, we believe this uptrend still has legs. The following upside targets are 52 sen and 55.5 sen. Technical landscape is improving. MACD is poised for a positive crossover while RSI too has hooked upward.
'As long as prices stay above the 50-day SMA, we think the odds favour the bulls. However, we would prefer to buy during pullback, possibly near 43.5 sen to 40.5 sen,' it said.
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