KUALA LUMPUR: CIMB Equities Research has a Buy on Naim Holdings at RM2.73 at which it is trading at a price-to-book value of 0.9 times.
It said on Friday, May 13 Naim is trapped in a downtrend channel. Yet, this correction phase is probably at its tail end. A temporary low may have formed at the RM2.58 level, which will likely be its base for weeks ahead.
'If we are right, the stock is poised for stronger rebound. Immediate resistance is at RM2.89, followed by RM3.08 and RM3.24 next. Traders may start to nibble now to ride on this recovery wave. However, be quick to cut loss if RM2.58 is violated.
'Technical landscape is improving. MACD has staged a positive crossover while RSI too has hooked upward,' it said.
It said on Friday, May 13 Naim is trapped in a downtrend channel. Yet, this correction phase is probably at its tail end. A temporary low may have formed at the RM2.58 level, which will likely be its base for weeks ahead.
'If we are right, the stock is poised for stronger rebound. Immediate resistance is at RM2.89, followed by RM3.08 and RM3.24 next. Traders may start to nibble now to ride on this recovery wave. However, be quick to cut loss if RM2.58 is violated.
'Technical landscape is improving. MACD has staged a positive crossover while RSI too has hooked upward,' it said.
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