Friday, November 18, 2011

CIMB Research has technical buy on TA Global at 33 sen

KUALA LUMPUR (Nov 18): CIMB Equities Research has a technical buy on TA Global ''at 33 sen at which it is trading at a price to book value of 0.8 times.

It said on Friday that similar to TA Enterprise, TA Global also broke out of its medium term downtrend channel on Thursday.

'We expect the next upswing to lift prices towards 35 sen. If this level is also taken out, the following resistance levels are 37 sen and 39.5 sen. The 200-day SMA is also a magnet for prices,' it said.

CIMB Research said the technical landscape is improving. MACD has staged a positive crossover while RSI is also rising towards the upper band of the neutral zone.

'As long as prices stay above the 31.5 sen level, we will continue to stick with the bull's camp. We will review our call if prices break below 31 sen,' it said.

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