Wednesday, October 12, 2011

CIMB Research has technical buy on TA Enterprise

KUALA LUMPUR: CIMB Equities Research has a technical buy call on TA Enterprise at 55 sen, at which it is trading at a price-to-book value of 0.6 times.

It said on Wednesday, Oct 12 that it appears that TA has broken out of its downward slopping resistance trend line on Tuesday.

'However, we will only turn bullish if prices can push above its 30-day SMA, which is now at 56 sen.

'Once the 30-day SMA is taken out, expect buying momentum to pick up strongly. The next up-leg is going to lift prices towards 60 sen and 63 sen,' it said.

CIMB Research said the MACD signal line has staged a positive crossover while RSI has also bounced off its low. A slip below 53.5 sen would trigger its stop.

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