KUALA LUMPUR: CIMB Equities Research has a technical Buy call on Bertam Alliance at 71 sen at which it is trading at a price-to-book value of 0.9 times.
It said on Wednesday, July 13 Bertam has been consolidating in a huge descending wedge pattern for the past few weeks.
'There is a good chance that it may have found its near term bottom at RM0.705, which is also close to its 200-day SMA,' it said.
CIMB Research said the technical landscape is improving. MACD has staged a positive crossover while RSI has also hooked upward. Follow through momentum should pick up once the RM0.74 resistance trend line is taken out.
'Traders may start to nibble now but a fall below its 200-day SMA would trigger our stop. Buy only when the RM0.74 level is taken out. The following resistance levels are RM0.785 and RM0.825,' it said.
It said on Wednesday, July 13 Bertam has been consolidating in a huge descending wedge pattern for the past few weeks.
'There is a good chance that it may have found its near term bottom at RM0.705, which is also close to its 200-day SMA,' it said.
CIMB Research said the technical landscape is improving. MACD has staged a positive crossover while RSI has also hooked upward. Follow through momentum should pick up once the RM0.74 resistance trend line is taken out.
'Traders may start to nibble now but a fall below its 200-day SMA would trigger our stop. Buy only when the RM0.74 level is taken out. The following resistance levels are RM0.785 and RM0.825,' it said.
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