KUALA LUMPUR: CIMB Equities Research has a Buy on Tradewinds PLANTATION []s at RM3.82 at which it is trading at a price-to-book value of 1.3 times.
The research house said on'' Friday, May 20 that Tradewinds Plantation broke out of its triangle pattern few days ago to take out its previous high of RM3.62.
'We believe this is a prelude to more upside ahead. If prices can continue to hold on above the triangle support, there is a good chance that prices may inch towards RM4.00 and RM4.18 soon,' it said.
CIMB Research said the MACD has staged a golden cross while RSI is also rising, suggesting that the bulls have the upper hand here.
'Buy on weakness looks like a good strategy here. We will only review our call if prices violate yesterday's low of RM3.56. A fall below the lower channel of the triangle pattern would negate this uptrend,' it said.
The research house said on'' Friday, May 20 that Tradewinds Plantation broke out of its triangle pattern few days ago to take out its previous high of RM3.62.
'We believe this is a prelude to more upside ahead. If prices can continue to hold on above the triangle support, there is a good chance that prices may inch towards RM4.00 and RM4.18 soon,' it said.
CIMB Research said the MACD has staged a golden cross while RSI is also rising, suggesting that the bulls have the upper hand here.
'Buy on weakness looks like a good strategy here. We will only review our call if prices violate yesterday's low of RM3.56. A fall below the lower channel of the triangle pattern would negate this uptrend,' it said.
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