KUALA LUMPUR: CIMB Research has a technical Buy on Alliance Financial Group at RM3.72 at which it is trading at a FY12 price-to-earnings of 12.0 times and price-to-book value of 1.7 times.
It said on Monday, July 25 the recent rally pushed Alliance Financial Group to a new high before prices consolidating sideways. The triangle breakout on Friday suggests that there is still room to the upside.
'However, only risk takers should look at this stock as our strategy here is to 'buy high and sell higher'. The next resistance levels are RM3.92 and RM4.04,' it said.
CIMB Research said the MACD is still rising while RSI is slightly overbought. Hence, expect trading to be choppy in the near term as prices charge towards the stipulated resistance levels. Be quick to cut loss if RM3.43 is breached.
It said on Monday, July 25 the recent rally pushed Alliance Financial Group to a new high before prices consolidating sideways. The triangle breakout on Friday suggests that there is still room to the upside.
'However, only risk takers should look at this stock as our strategy here is to 'buy high and sell higher'. The next resistance levels are RM3.92 and RM4.04,' it said.
CIMB Research said the MACD is still rising while RSI is slightly overbought. Hence, expect trading to be choppy in the near term as prices charge towards the stipulated resistance levels. Be quick to cut loss if RM3.43 is breached.
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