Thursday, October 6, 2011

CIMB Research has technical buy on Mitrajaya

KUALA LUMPUR: CIMB Equities Research has a technical buy call on MITRAJAYA HOLDINGS BHD [] at 42 sen at which it is trading at a price-to-book value of 0.2 times.

It said on Thursday, Oct 6 the recent correction looks a tad steep. The fall, however, appears to be losing some downward momentum as the slope of each fall from the minor peaks is flattening.

CIMB Research said this view is supported by the bullish divergences seen on both its MACD and RSI.

'Only aggressive traders should opt to go long here with a stop placed below 39 sen. A small bounce could take prices back up to retest the 50-day SMA at 48.5 sen,' it said.

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