Friday, November 18, 2011

CIMB Research has technical buy on TA Enterprise at 61.5 sen

KUALA LUMPUR (Nov 18): CIMB Equities Research has a technical buy on TA Enterprise at 61.5 sen at which it trading at a price to book value of 0.7 times.

It said on Friday that TA Enterprise broke out of its medium term downtrend channel on Thursday.

'Looking at the chart, we think this rally could be extended. If we are right, prices are likely to edge closer towards 65 sen and 67.5 sen soon. The 200-day SMA at 67 sen is also a magnet for prices,' it said.

CIMB Research said the MACD histogram bars have returned to the black while RSI is also rising. This shows that the bulls are beginning to flex their muscles.

'Traders may start to nibble now to ride this breakout run. However, always put a stop at below 59 sen, just in case,' it said.


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