KUALA LUMPUR: CIMB Research has a Buy on'' ANN JOO RESOURCES BHD [] at RM3.01, at which is it trading at FY12 P/E of 10.4 times and price-to-book value of 1.4 times.
It said on Monday, April 11 that Ann Joo broke out of its resistance trend line on Friday.
'We see more room to its upside. If prices can stay above the RM2.90 resistance-turned-support channel, there is a good chance that prices may swing closer towards RM3.15 and RM3.35 next,' it said.
CIMB Research said the MACD has staged a positive crossover while RSI is also rising. The improving technical readings further reinforce its bullish stance on the stock.
'Risk takers may start to nibble now to ride this breakout rally. Only a fall below RM2.88 would trigger our stop,' it said.
It said on Monday, April 11 that Ann Joo broke out of its resistance trend line on Friday.
'We see more room to its upside. If prices can stay above the RM2.90 resistance-turned-support channel, there is a good chance that prices may swing closer towards RM3.15 and RM3.35 next,' it said.
CIMB Research said the MACD has staged a positive crossover while RSI is also rising. The improving technical readings further reinforce its bullish stance on the stock.
'Risk takers may start to nibble now to ride this breakout rally. Only a fall below RM2.88 would trigger our stop,' it said.
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