Tuesday, November 1, 2011

CIMB Research has technical buy on Kurnia Asia

KUALA LUMPUR (Nov 1): CIMB Equities Research has a technical buy on Kurnia Asia at 50.5 sen at which it is trading at a price-to-book value of'' 1.9 times.

It said on Tuesday that Kurnia Asia is gyrating in a triangle pattern but it thinks it is ripe for a stronger rebound. If prices can stay above its 30-day and 50-day SMAs, there is a good chance that prices may edge towards 53.5 sen and 56 sen.

'Technical landscape remains compelling. MACD signal line is still rising while RSI has also hooked upward.

'Traders with higher risk appetite may start to nibble now ahead of the breakout run. However, always put a stop at 48 sen to 46 sen,' CIMB Research said.

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