KUALA LUMPUR: CIMB Equities Research has a technical Buy call on Boon Koon Group at 35 sen, at which it is trading at price-to-book of 1.1 times.
It said on Tuesday, June 21 Boon Koon has been actively traded in the past couple of trading session, suggesting that interest may be picking up.
"We see that prices are set to break out of its consolidation triangle spanning from February this year," it said.
MACD has moved back into positive territory while RSI has hooked above the 60-pts mark. Both indicators also indicate that buying momentum is rising.
"The stock is a buy now with a stop placed below 32.5 sen. This breakout run could lift prices above the 40 sen mark towards 44 sen next. Based on the height of the triangle, it could face resistance near the 49 sen mark next with the 50 sen psychological resistance acting as a magnet," it said.
Boon Koon manufactures rebuilt and reconditioned commercial vehicles and bodyworks, trades commercial vehicle accessories, parts, and components, resells new chassis cab and equipment, provides financing and insurance services, and distributes rebuilt and reconditioned commercial vehicles.
It said on Tuesday, June 21 Boon Koon has been actively traded in the past couple of trading session, suggesting that interest may be picking up.
"We see that prices are set to break out of its consolidation triangle spanning from February this year," it said.
MACD has moved back into positive territory while RSI has hooked above the 60-pts mark. Both indicators also indicate that buying momentum is rising.
"The stock is a buy now with a stop placed below 32.5 sen. This breakout run could lift prices above the 40 sen mark towards 44 sen next. Based on the height of the triangle, it could face resistance near the 49 sen mark next with the 50 sen psychological resistance acting as a magnet," it said.
Boon Koon manufactures rebuilt and reconditioned commercial vehicles and bodyworks, trades commercial vehicle accessories, parts, and components, resells new chassis cab and equipment, provides financing and insurance services, and distributes rebuilt and reconditioned commercial vehicles.
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