Monday, November 21, 2011

CIMB Research has technical buy on Hap Seng Consolidated

KUALA LUMPUR (Nov 21): CIMB Equities Research has a technical buy on Hap Seng Consolidated at RM1.46 at which it is trading at a price-to-book value of 1.0 times.

It said on Monday that after breaking out from the long term downtrend channel, Hap Seng Consolidated rose to a high of RM1.61 before consolidating in a bullish wedge pattern.

'Prices could still charge a tad higher as long as the candles hold on above its 50-day SMA,' it said.

CIMB Research said the MACD is dwindling while RSI is also below the 50pts mark. However, it is not perturbed by this as the candles are still holding above the 50-day SMA.

'Risk takers may start to nibble now while others should wait for a push above RM1.54 before going long. The next resistance levels are RM1.61 and RM1.71,' it said.

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