KUALA LUMPUR: CIMB Equities Research has a technical Buy on BIMB HOLDINGS BHD [] at RM1.85, at which it is trading at price-to-book value of 1.2 times.
It said on Friday, June 24 the recent correction dragged BIMB towards the 30-day SMA. Since then, prices have rebounded a tad higher. It appears that the RM1.69 low would likely be its near term bottom. This support is also near the 38.2% FR level, which it thinks it is a good entry point.
CIMB Research said indicators are showing signs of improvement. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
'Any pullback is an opportunity to accumulate. Only a fall below RM1.69 would trigger our stop. Resistance is at RM2.00 and RM2.15,' it said.
It said on Friday, June 24 the recent correction dragged BIMB towards the 30-day SMA. Since then, prices have rebounded a tad higher. It appears that the RM1.69 low would likely be its near term bottom. This support is also near the 38.2% FR level, which it thinks it is a good entry point.
CIMB Research said indicators are showing signs of improvement. MACD histogram bars are falling at a slower pace while RSI has hooked upward.
'Any pullback is an opportunity to accumulate. Only a fall below RM1.69 would trigger our stop. Resistance is at RM2.00 and RM2.15,' it said.
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