KUALA LUMPUR: CIMB Equities Research has a technical buy on Hap Seng Consolidated at RM1.48 at which it is trading at a price-to-book value of 1.0 times.
The research house said on Monday, Oct 17 although Hap Seng rallied more than 10% since it featured it as a technical buy
stock on Oct 5, it does not think this is the end of this rally.
'In fact, buying momentum should pick up even stronger in days to come, if not weeks, as the candles have also broken out of its downward slopping resistance trend line on Friday,' it said.
CIMB Research said the technical reading is encouraging. MACD signal line has returned to the black while RSI is also rising.
It said the following resistance levels are RM1.59 and RM1.69. The 200-day SMA at RM1.72 is also a magnet for prices. Place a stop at below RM1.40-RM1.35.
The research house said on Monday, Oct 17 although Hap Seng rallied more than 10% since it featured it as a technical buy
stock on Oct 5, it does not think this is the end of this rally.
'In fact, buying momentum should pick up even stronger in days to come, if not weeks, as the candles have also broken out of its downward slopping resistance trend line on Friday,' it said.
CIMB Research said the technical reading is encouraging. MACD signal line has returned to the black while RSI is also rising.
It said the following resistance levels are RM1.59 and RM1.69. The 200-day SMA at RM1.72 is also a magnet for prices. Place a stop at below RM1.40-RM1.35.
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