Monday, October 24, 2011

CIMB Research has technical buy on Landmarks

KUALA LUMPUR: CIMB Equities Research has a technical buy on Landmarks at RM1.11 at which it is trading at a price-to-book value of 0.3 times.

It said on Monday, Oct 24 the rebound from its September's low was sharp. Prices pushed above its 30-day SMA to hit a high of RM1.16 before consolidating in a flag pattern.

'Looking at the chart, we think this uptrend is not over yet. Once the 50-day SMA is taken out, buying momentum should pick up again,' it said.

CIMB Research said the indicators are progressing well. MACD signal line has bounced off its lows while RSI is above the 50pts mark.

'Traders with higher risk appetite may start to nibble now. However, always put a stop at below the RM1.05 level. On the upside, once the 50-day SMA is taken out, the following resistance levels are RM1.16 and RM1.25,' it said.

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