KUALA LUMPUR (Nov 10): CIMB Equities Research has a technical buy on TA Enterptise at 59.5 sen at which it is trading at a price-to-book value of 0.7 times.
It said on Thursday that it appears that TA is now testing its downward slopping resistance trend line, looking eager to breakout. Prices held above its moving averages and are now attempting to push further.
'Once the 59.5 sen resistance is taken out, expect buying momentum to pick up strongly. The next upleg is going to lift prices towards 67 sen to 68 sen, where the latter is its 200-day SMA,' it said.
CIMB Research said the MACD signal line has staged a positive rollover while RSI has also hooked upwards once more. A slip below the recent swing low of 55.5 sen would trigger its stop.
It said on Thursday that it appears that TA is now testing its downward slopping resistance trend line, looking eager to breakout. Prices held above its moving averages and are now attempting to push further.
'Once the 59.5 sen resistance is taken out, expect buying momentum to pick up strongly. The next upleg is going to lift prices towards 67 sen to 68 sen, where the latter is its 200-day SMA,' it said.
CIMB Research said the MACD signal line has staged a positive rollover while RSI has also hooked upwards once more. A slip below the recent swing low of 55.5 sen would trigger its stop.
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