KUALA LUMPUR: CIMB Equities Research has a Buy on Fajarbaru Builder Group Bhd at RM1.12 at which it is trading at a price-to-book value of 1.3 times.
It said on Monday, June 13 that Fajarbaru is on the verge of breaking out of its triangle pattern. The uptrend from its May10 low may not be over yet. The previous correction stopped near its 61.8% FR level and this would likely be its medium term low.
'The candles are trying to take out its key moving averages. Once a base is established above the 50-day SMA, we expect prices to swing closer towards RM1.20 and RM1.30 next,' it said.
CIMB Research said MACD histogram bars have returned to the black while RSI is also rising. However, always put a stop at below RM1.07, it added.
It said on Monday, June 13 that Fajarbaru is on the verge of breaking out of its triangle pattern. The uptrend from its May10 low may not be over yet. The previous correction stopped near its 61.8% FR level and this would likely be its medium term low.
'The candles are trying to take out its key moving averages. Once a base is established above the 50-day SMA, we expect prices to swing closer towards RM1.20 and RM1.30 next,' it said.
CIMB Research said MACD histogram bars have returned to the black while RSI is also rising. However, always put a stop at below RM1.07, it added.
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