Wednesday, July 6, 2011

CIMB Research has Buy on LBS Bina Group

KUALA LUMPUR: CIMB Equities Research has a technical Buy call on LBS Bina Group at 88 sen at which it is trading at a price-to-book value of 0.8 times.

It said on Wednesday, July 6 that prices hit a high of RM0.94 before correction set in. Yet, this does not stop us from staying bullish.

'Looking at the chart, the candles have swung past its minor triangle resistance, signaling that there is still room to the upside,' it said.

CIMB Research said the MACD histogram bars are losing some pace but its signal line remains in the positive territory. Hence, the bulls continue to dominate here. RSI is also above the 50pts neutral mark.

'Risk takers may start to nibble now. A push above RM0.89 would lift prices towards the RM0.94 high again. The following resistances are RM0.98 and RM1.05. Always place a stop at below RM0.825-RM0.81,' it said.

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