KUALA LUMPUR: CIMB Equities Research has a Buy on IJM PLANTATION []S BHD [] at RM2.92, at which it is trading at a price-to-book value of 1.8 times.
It said on Tuesday, June 14 the stock broke out of its consolidation triangle recently. This could be seen as a prelude to more upside ahead.
'We expect follow through momentum to pick up strongly once the candles push above the RM3 level,' it said.
CIMB Research said indicators remain compelling. MACD has returned to the black while RSI is also above the 50 points mark. Once the RM3 level is taken out, the next resistance levels are RM3.14 and RM3.24.
'Aggressive traders may start to nibble now while others should wait for a push above the RM3 level. Be quick to cut loss if RM2.84 is violated,' it said.
It said on Tuesday, June 14 the stock broke out of its consolidation triangle recently. This could be seen as a prelude to more upside ahead.
'We expect follow through momentum to pick up strongly once the candles push above the RM3 level,' it said.
CIMB Research said indicators remain compelling. MACD has returned to the black while RSI is also above the 50 points mark. Once the RM3 level is taken out, the next resistance levels are RM3.14 and RM3.24.
'Aggressive traders may start to nibble now while others should wait for a push above the RM3 level. Be quick to cut loss if RM2.84 is violated,' it said.
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