Friday, July 15, 2011

CIMB Research has technical Buy on Mulpha Intl

KUALA LUMPUR: CIMB Research has a technical Buy on Mulpha International at 48.5 sen at which it is trading at a price-to-book value of 0.4 times.

It said on Friday, July 15 that it appears that a triangle pattern is in the making. If prices can take out the 50.5 sen resistance trend line soon, there is a good chance for it to reach 55 sen and possibly even 59 sen next.

'Technical landscape remains undemanding. MACD is poised for a positive crossover while RSI has hooked upward.

'As long as prices stay above its recent low of 46.5 sen, the bulls seem to have the upper hand here. Be quick to cut loss if this level is breached,' it said.

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