Monday, October 31, 2011

CIMB Research has technical buy on Perisai

KUALA LUMPUR (Oct 31): CIMB Equities Research has a technical buy on PERISAI PETROLEUM TEKNOLOGI [] at 64.5 sen at which it is trading at a FY12 price-to-earnings of 5.9 times and price-to-book value of 1.7 times.

It said on Monday, Perisai broke out of its triangle resistance last Friday and it believed this would be a prelude to more upside ahead.

'If we are right, the next upleg should lift prices towards 67 sen to 70 sen. The 200-day SMA is also a magnet for prices,' it said.

CIMB Research said the technical landscape is improving. MACD signal line has returned to the black while RSI is rising towards the upper band of the neutral zone.

'Risk takers may start to nibble now. However, always put a stop at below the 61.5 sen level. A fall below 57.5 sen would negate this bullish view,' it said.

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