KUALA LUMPUR: CIMB Research has a technical Buy on Scomi Group Bbhd at 33 sen at which it is trading at a price-to-book value of 0.5 times.
It said on Monday, July 25 Scomi has rebounded a tad higher after it featured the stock as a technical buy stock on 2nd June 2011.
'Looking at the chart, we think there is still room to the upside as prices are still trading in a bullish wedge pattern,' it said.
CIMB Research said the echnical landscape remains compelling. The bullish divergence on its MACD indicator suggests that the bulls are making a comeback while RSI has also hooked upward.
'Traders may start to nibble now with a stop placed below its previous swing low of 29.5 sen. On the upside, resistance is seen at 34.5 sen, 36.5 sen and 39 sen,' it said.
It said on Monday, July 25 Scomi has rebounded a tad higher after it featured the stock as a technical buy stock on 2nd June 2011.
'Looking at the chart, we think there is still room to the upside as prices are still trading in a bullish wedge pattern,' it said.
CIMB Research said the echnical landscape remains compelling. The bullish divergence on its MACD indicator suggests that the bulls are making a comeback while RSI has also hooked upward.
'Traders may start to nibble now with a stop placed below its previous swing low of 29.5 sen. On the upside, resistance is seen at 34.5 sen, 36.5 sen and 39 sen,' it said.
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