Friday, November 18, 2011

CIMB Research has technical buy on ECM Libra at 82.5 sen

KUALA LUMPUR (Nov 18): CIMB Equities Research has a technical buy on ECM Libra Financial Group at 82.5 sen at which it is trading at a price to book value of 0.7 times.

It said on Friday ECM Libra's share price is trying to push above its downward slopping resistance trend line on Thursday (now at 84.5 sen).

'If it succeeds, there is a good chance that the candles may charge towards 90 sen and 95.5 sen.

'However, only risk takers should look at this stock. This is because selling pressure could pick up if prices fail to push above the 84.5 sen level soon. For investors with lower risk appetite, wait for prices to move above 84.5 sen before going long,' it said.

CIMB Equities Research said the MACD signal line has moved back into the positive territory. RSI too is above the 50pts mark. Put a stop at below 80 sen.

No comments:

Post a Comment