KUALA LUMPUR: CIMB Equities Research has a Buy on Media Chinese International at RM1.17, at which it is'' trading at a FY12 price-to-earnings of 12.2 times and price-to-book value of 1.6 times.
The research house said on Friday, May 6 that Media Chinese is consolidating in a triangle pattern. A breakout would lift prices towards its previous swing high of RM1.24 again. Thereafter, the RM1.30 level will be its next target.
'Technical landscape is improving, reinforcing our short term positive stance on the stock. MACD histogram bars are falling at a slower pace while RSI has also hooked upward.
'Traders may accumulate on pullbacks. However, always place a stop at below the RM1.12 level, its recent swing low. A break below RM1.09 would negate all the positive momentum,' it said.
The research house said on Friday, May 6 that Media Chinese is consolidating in a triangle pattern. A breakout would lift prices towards its previous swing high of RM1.24 again. Thereafter, the RM1.30 level will be its next target.
'Technical landscape is improving, reinforcing our short term positive stance on the stock. MACD histogram bars are falling at a slower pace while RSI has also hooked upward.
'Traders may accumulate on pullbacks. However, always place a stop at below the RM1.12 level, its recent swing low. A break below RM1.09 would negate all the positive momentum,' it said.
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