KUALA LUMPUR: CIMB Equities Research has a Buy on Scientex Bhd at RM2.68 at which it is trading at a price-to-book of 1.3 times.
It said on Monday, June 20 Scientex broke out of its triangle pattern last Friday on rising volume. Buying momentum should pick up strongly. The following resistance levels are RM2.83 and RM2.94.
'Technical landscape is improving. MACD has staged a positive crossover while RSI is also rising. Traders may start to accumulate now to ride this recovery wave. Only a break below the RM2.44 level would negate this positive trend,' it said.
Scientex manufactures polyvinyl chloride (PVC), polyurethane leather sheetings, packaging materials, bricks, and automotive parts.
It said on Monday, June 20 Scientex broke out of its triangle pattern last Friday on rising volume. Buying momentum should pick up strongly. The following resistance levels are RM2.83 and RM2.94.
'Technical landscape is improving. MACD has staged a positive crossover while RSI is also rising. Traders may start to accumulate now to ride this recovery wave. Only a break below the RM2.44 level would negate this positive trend,' it said.
Scientex manufactures polyvinyl chloride (PVC), polyurethane leather sheetings, packaging materials, bricks, and automotive parts.
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