KUALA LUMPUR: CIMB Equities Research has a Technical Buy on DIGISTAR CORPORATION BHD [] at 44.5 sen at which it is trading at a price-to-book value of 2.6 times.
The research house said on Wednesday, Aug 24 the recent correction dragged prices to its 38.2% FR level. Since then, the bulls have made a comeback. The stock is now forming a triangle pattern, suggesting that prices could still make one more upleg.
'Buying momentum should pick up once the candles push above its 50-day SMA. The following resistance levels are 48.5 sen and 53.5 sen. Aggressive traders may start to nibble now while others should wait for a push above 47 sen before going long,' it said.
CIMB Research said the MACD has staged a positive crossover, indicating that selling pressure has tapered off. Only a fall below 40.5 sen would trigger its stop.
The research house said on Wednesday, Aug 24 the recent correction dragged prices to its 38.2% FR level. Since then, the bulls have made a comeback. The stock is now forming a triangle pattern, suggesting that prices could still make one more upleg.
'Buying momentum should pick up once the candles push above its 50-day SMA. The following resistance levels are 48.5 sen and 53.5 sen. Aggressive traders may start to nibble now while others should wait for a push above 47 sen before going long,' it said.
CIMB Research said the MACD has staged a positive crossover, indicating that selling pressure has tapered off. Only a fall below 40.5 sen would trigger its stop.
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