Thursday, September 22, 2011

CIMB Research has technical buy on BIMB

KUALA LUMPUR: CIMB Equities Research has a technical buy on BIMB Holdings at RM1.80 at a price-to-book value of 1.1 times.

It said on Thursday, Sept 22 that the correction from its July high seems to have exhausted near the 61.8% FR level. Therefore, traders with higher risk appetite may start to accumulate now.

'Looking at the chart, prices should bounce closer towards RM1.90 and RM2.00 over the next few days,' it said.

CIMB Research said although MACD is still hovering in the negative territory, RSI signal line has hooked upward. This shows that the bulls are slowly making a comeback.

'As long as prices stay above the recent low of RM1.74, we would rather stick with the bull's camp. Only a fall below RM1.69 would trigger our stop,' it said.

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