Wednesday, July 6, 2011

LBS Bina active, up after CIMB Research rates it a technical Buy

KUALA LUMPUR: LBS BINA GROUP BHD [] shares advanced on Wednesday, July 6 after CIMB Equities Research rated the stock a technical Buy at 88 sen, at which it is trading at a price-to-book value of 0.8 times.

At 11.10am, LBS Bina rose 3.5 sen to 91.5 sen with 7.84 million shares done.

It said on Wednesday, July 6 that prices hit a high of RM0.94 before correction set in. Yet, this does not stop us from staying bullish.

'Looking at the chart, the candles have swung past its minor triangle resistance, signaling that there is still room to the upside,' it said.

CIMB Research said the MACD histogram bars are losing some pace but its signal line remains in the positive territory. Hence, the bulls continue to dominate here. RSI is also above the 50pts neutral mark.

'Risk takers may start to nibble now. A push above RM0.89 would lift prices towards the RM0.94 high again. The following resistances are RM0.98 and RM1.05. Always place a stop at below RM0.825-RM0.81,' it said.


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