KUALA LUMPUR: CIMB Equities Research has a technical Buy on Dutalnd Bhd at 53 sen, at which it is trading at a price to book value of 0.4 times.
CIMB Research said on Wednesday, July 27 the stock broke out of its wedge pattern and its 200-day SMA on Tuesday.
'There is a good chance that the RM0.47 low would be its near term bottom. Going forward, prices should bounce higher as the bulls gain momentum,' it said.
CIMB Research said the next upswing would likely lift prices towards 55.5 sen and 59.5 sen next.
It added the MACD has staged a positive crossover while RSI has hooked upward. The improving technical landscape suggests that a base has been formed.
'Any pullback is an opportunity to accumulate. Only a break below 46.5 sen would negate this positive sentiment,' it said.
Dutaland operates palm oil PLANTATION []s, and develops and invests in real estate.
CIMB Research said on Wednesday, July 27 the stock broke out of its wedge pattern and its 200-day SMA on Tuesday.
'There is a good chance that the RM0.47 low would be its near term bottom. Going forward, prices should bounce higher as the bulls gain momentum,' it said.
CIMB Research said the next upswing would likely lift prices towards 55.5 sen and 59.5 sen next.
It added the MACD has staged a positive crossover while RSI has hooked upward. The improving technical landscape suggests that a base has been formed.
'Any pullback is an opportunity to accumulate. Only a break below 46.5 sen would negate this positive sentiment,' it said.
Dutaland operates palm oil PLANTATION []s, and develops and invests in real estate.
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