Friday, September 30, 2011

CIMB Research has technical buy on Tebrau Teguh

KUALA LUMPUR: CIMB Equities Research has a technical buy call on TEBRAU TEGUH BHD [] at 66.5 sen at which it is trading at a price-to-book value of 0.9 times.

It said on Friday, Sept 30 that Tebrau broke out of its medium term downtrend channel on Thursday. Prices also swung past the 50-day SMA along the way.

"Looking at the chart, we think stronger rebounds are imminent. The next resistance is seen at 69.5 sen, followed by 72.5 sen and 75.5 sen. The 200-day SMA is also a magnet for prices," it said.

CIMB Research said technical landscape is improving. MACD signal line is around the zero zones while RSI is above the 50pts mark.

"As long as prices hold on steady above the RM0.63 level, we think the bulls have the upper hand here. Always put a stop at below 61.5 sen," it said.

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