KUALA LUMPUR: CIMB Retail Research has a Buy on Box-Pak (M) Bhd at RM1.55.
In its technical outlook on Monday, April 18, it said Box-Pak has been gyrating in a consolidation triangle for the past few days. If the candles can swing past the resistance trend line, there is a good chance that prices may set new highs in the foreseeable future. The RM1.62 high is the first target, followed by RM1.75 and RM1.87 next.
'Technical landscape remains compelling. MACD is still positive while RSI remains above the 50pts mark. Another positive is that the 30-day SMA has swung above the 200-day SMA.
'Traders should only buy during pullbacks, especially near the RM1.41 support trend line. A fall below RM1.37 would trigger our stop,' it said.
In its technical outlook on Monday, April 18, it said Box-Pak has been gyrating in a consolidation triangle for the past few days. If the candles can swing past the resistance trend line, there is a good chance that prices may set new highs in the foreseeable future. The RM1.62 high is the first target, followed by RM1.75 and RM1.87 next.
'Technical landscape remains compelling. MACD is still positive while RSI remains above the 50pts mark. Another positive is that the 30-day SMA has swung above the 200-day SMA.
'Traders should only buy during pullbacks, especially near the RM1.41 support trend line. A fall below RM1.37 would trigger our stop,' it said.
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