KUALA LUMPUR: CIMB Equities Research has a technical Buy on LAY HONG BHD [] at RM1.92 at which it is trading at a price-to-book of 0.8 times.
The research house said on Wednesday, June 22 that Lay Hong swung past its flag resistance on Tuesday on strong volume.
'We expect prices to charge towards its next resistances at RM2.04 and RM2.20 soon. However, as this breakout is still in its early days, only risk takers should look at this stock,' it said.
MACD is still rising while RSI is above the 50pts mark. The positive technical landscape suggests that there is still room to the upside.
'Risk takers may start to nibble now. However, always put a stop at below RM1.73. A break below this level would suggest that the stock is heading for a deeper correction,' it said.
The research house said on Wednesday, June 22 that Lay Hong swung past its flag resistance on Tuesday on strong volume.
'We expect prices to charge towards its next resistances at RM2.04 and RM2.20 soon. However, as this breakout is still in its early days, only risk takers should look at this stock,' it said.
MACD is still rising while RSI is above the 50pts mark. The positive technical landscape suggests that there is still room to the upside.
'Risk takers may start to nibble now. However, always put a stop at below RM1.73. A break below this level would suggest that the stock is heading for a deeper correction,' it said.
No comments:
Post a Comment