Tuesday, November 29, 2011

CIMB Research has technical buy on Integrated Rubber at 18 sen

KUALA LUMPUR (Nov 29): CIMB Equities Research has a technical buy on INTEGRATED RUBBER CORPORATION [] at 18 sen at which it is trading at a price-to-book value of 0.5 times.

The research house said on Tuesday the recent correction dragged prices towards its 50-day SMA but it thinks the stock is ripe for a stronger rebound soon.

CIMB Research said currently, the bulls are trying to push above its 200-day SMA. Expect momentum to pick up strongly once the candles swing above the 19 sen level.

'MACD histogram bars are falling at a slower pace, suggesting that selling pressure has tapered off. RSI too has hooked upward.

'Risk takers may start to nibble now while others should wait for a push above the 19 sen level before going long. Be quick to cut loss if the 16.5 sen level is breached,' it said.

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