KUALA LUMPUR: CIMB Equities Research has a technical Buy call on MK Land Holdings at 39 sen, at which it is trading at a price-to-book value of 0.5 times.
It said on Tuesday, May 24 that the stock is trapped in a triangle pattern as well.
'Yesterday, the bulls tried to rally but there were still stale bulls selling at higher levels,' it said.
CIMB Research said with technical indicators showing signs of improvement, we think that a breakout could happen soon. Its MACD has flattened out while RSI has already hooked upwards.
'Aggressive traders should go long now with a stop placed below the recent swing low of 37.5 sen. A breakout above 41 sen would likely send prices higher towards 46 sen, with a small chance of reaching 50 sen,' it said.
It said on Tuesday, May 24 that the stock is trapped in a triangle pattern as well.
'Yesterday, the bulls tried to rally but there were still stale bulls selling at higher levels,' it said.
CIMB Research said with technical indicators showing signs of improvement, we think that a breakout could happen soon. Its MACD has flattened out while RSI has already hooked upwards.
'Aggressive traders should go long now with a stop placed below the recent swing low of 37.5 sen. A breakout above 41 sen would likely send prices higher towards 46 sen, with a small chance of reaching 50 sen,' it said.
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