Thursday, November 17, 2011

CIMB Research has technical buy on Asia Media at 28.5c

KUALA LUMPUR (Nov 17): CIMB Equities Research has a technical buy on Asia Media Group Bhd at 28.5 sen at which it trading at a price-to-book value of 1.1 times.

It said on Thursday Asia Media broke out of its triangle pattern on Wednesday.

'We think there is still room to the upside. If we are right, the candles should swing past yesterday's high of 31 sen again soon. The following resistance levels are 33 sen and 35 sen,' it said.

CIMB Research said the MACD signal line is hovering in the positive territory while RSI is also rising. The positive readings reinforce its short term bullish stance on the stock.

'Risk takers may start to nibble now while others should wait for a push above 29.5 sen before going long. Put a stop at below 27 sen,' it said.

Asia Media Group is a digital out-of-home Transit TV company. The company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises.

Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru.

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