KUALA LUMPUR: CIMB Equities Research has a technical Buy on MAH SING GROUP BHD [] at RM2.34 at which it is trading at a FY12 price-to-earnings of 11.1 times and price-to-book value of 2.0 times.
The research house on Tuesday, Aug 9 the early fall on Monday did not deter the buyers as the stock formed a candle
with a long lower shadow. This candle could potentially form a tweezer bottom, which could be a bullish sign.
'Prices could potentially bounce towards RM2.47-RM2.53 in the near term as long as prices do not fall below the RM2.14 levels. The MACD and RSI still look fairly negative at the moment,' it said.
CIMB Research said aggressive traders should only buy on weakness, with a stop placed below RM2.14. Other traders should only buy if prices can overcome the key resistance at RM2.60.
The research house on Tuesday, Aug 9 the early fall on Monday did not deter the buyers as the stock formed a candle
with a long lower shadow. This candle could potentially form a tweezer bottom, which could be a bullish sign.
'Prices could potentially bounce towards RM2.47-RM2.53 in the near term as long as prices do not fall below the RM2.14 levels. The MACD and RSI still look fairly negative at the moment,' it said.
CIMB Research said aggressive traders should only buy on weakness, with a stop placed below RM2.14. Other traders should only buy if prices can overcome the key resistance at RM2.60.
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