KUALA LUMPUR: CIMB Equities Research has a technical Buy call on TIME ENGINEERING BHD [] at 50.5 sen at which it is trading at a price-to-book value of 1.2 times.
It said on Tuesday, May 24 the stock has been trading in a sideways manner for the past two years, forming a large consolidation triangle.
CIMB Research added that prices tested the triangle support in late February and the bulls have held prices up since then.
'MACD is slowly inching higher while its RSI is also on the rise. Both indicators suggest that momentum is starting to pick up again.
'The stock is a buy now with a stop placed below 46.5 sen. We expect prices to kick on from here, potentially reaching the 59 sen levels, its 2007 high,' it said.
It said on Tuesday, May 24 the stock has been trading in a sideways manner for the past two years, forming a large consolidation triangle.
CIMB Research added that prices tested the triangle support in late February and the bulls have held prices up since then.
'MACD is slowly inching higher while its RSI is also on the rise. Both indicators suggest that momentum is starting to pick up again.
'The stock is a buy now with a stop placed below 46.5 sen. We expect prices to kick on from here, potentially reaching the 59 sen levels, its 2007 high,' it said.
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