KUALA LUMPUR: CIMB Equities Research has a technical Buy on Cepatwawasan Group at RM1.28 at which it is trading at a price-to-book value of 0.7 times.
It said on Wednesday, May 11 the stock has been holding steady above its 50-day SMA for the past few weeks. This is probably the short term support for the stock.
'If prices can take out of the bullish flag resistance (now at RM1.34), there is a good chance that the previous swing low of RM1.25 is its near term bottom,' it said.
MACD is flat while RSI is lingering sideways. Prices could still move sideways a tad longer before the next upleg set in.
'Aggressive investors may start to accumulate now. However, be quick to cut loss if the RM1.25 low is breached. On the flip side, resistance is at RM1.34, RM1.42 and RM1.48,' it said.
It said on Wednesday, May 11 the stock has been holding steady above its 50-day SMA for the past few weeks. This is probably the short term support for the stock.
'If prices can take out of the bullish flag resistance (now at RM1.34), there is a good chance that the previous swing low of RM1.25 is its near term bottom,' it said.
MACD is flat while RSI is lingering sideways. Prices could still move sideways a tad longer before the next upleg set in.
'Aggressive investors may start to accumulate now. However, be quick to cut loss if the RM1.25 low is breached. On the flip side, resistance is at RM1.34, RM1.42 and RM1.48,' it said.
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