KUALA LUMPUR: CIMB Equities Research has a technical Buy call on Tambun Indah Land at 76 sen at which it is trading at a price-to-book value of 1.2 times.
It said on Friday, July 1 the stock is still gyrating in a triangle pattern and it is ripe for a stronger rebound.
'Looking at the chart, it seems that prices could soon charge towards its previous high of 78 sen. The following resistance levels are 82.5 sen and 86.5 sen,' it said.
CIMB Research said the technical landscape remains compelling. MACD histogram bars are hovering in the positive territory while RSI has also hooked upward.
'Aggressive traders may start to nibble now while others should wait for a push above 78 sen before taking any position. Be quick to cut loss if the 72.5 sen level is breached. A fall below the triangle support (now at 71 sen) would cancel out the bullish trend,' it said.
It said on Friday, July 1 the stock is still gyrating in a triangle pattern and it is ripe for a stronger rebound.
'Looking at the chart, it seems that prices could soon charge towards its previous high of 78 sen. The following resistance levels are 82.5 sen and 86.5 sen,' it said.
CIMB Research said the technical landscape remains compelling. MACD histogram bars are hovering in the positive territory while RSI has also hooked upward.
'Aggressive traders may start to nibble now while others should wait for a push above 78 sen before taking any position. Be quick to cut loss if the 72.5 sen level is breached. A fall below the triangle support (now at 71 sen) would cancel out the bullish trend,' it said.
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