Thursday, November 10, 2011

CIMB Research has technical buy on Hexagon

KUALA LUMPUR (Nov 10): CIMB Equities Research has a technical buy on Hexagon Holdings at 23.5 sen at which it is trading at a price-to-book value of 0.6 times.

It said on Thursday that Hexagon also took out its long term downtrend line recently and has been building a base just above it.

Wednesday's long white candle on rising volume could potentially be the signal that suggests it is again on the move.

'Technical landscape is improving with its MACD doing a rollover and its RSI has also hooked upwards. And since its RSI is not yet overbought, there is still room on the upside.

'Traders should remain cautious though and place a stop below yesterday's low of 20 sen just in case. A push past the 25 sen level would send prices climbing towards 30 sen to 32 sen next,' it said.

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