KUALA LUMPUR: CIMB Research has a technical Buy on Malaysia Building Society at RM1.44 at which it is trading at a price-to-book value of 3.0 times.
It said on Monday, July 25 that the recent consolidation is probably at its tail-end as prices seem to be well supported above its 200-day SMA.
'As the candles swing past the 30-day SMA, it also means that the bulls are slowly making a comeback. The next upleg should lift prices above the 50-day SMA,' it said.
CIMB Research said the buying momentum should pick up strongly once this level is taken out. The following resistance levels are RM1.53, RM1.64 and RM1.72.
'Aggressive traders may start to nibble now while others should wait for a push above RM1.46, the wedge resistance, before going long. Always put a stop at below RM1.34 to minimise downside risks,' it said.
It said on Monday, July 25 that the recent consolidation is probably at its tail-end as prices seem to be well supported above its 200-day SMA.
'As the candles swing past the 30-day SMA, it also means that the bulls are slowly making a comeback. The next upleg should lift prices above the 50-day SMA,' it said.
CIMB Research said the buying momentum should pick up strongly once this level is taken out. The following resistance levels are RM1.53, RM1.64 and RM1.72.
'Aggressive traders may start to nibble now while others should wait for a push above RM1.46, the wedge resistance, before going long. Always put a stop at below RM1.34 to minimise downside risks,' it said.
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