Monday, December 5, 2011

CIMB Research has technical buy on My EG Services

KUALA LUMPUR (Dec 5): CIMB Equities Research has a technical buy on My EG Services at 66.5 sen at which it is trading at a price-to-book value of 3.8 times.

It said on Monday that My EG Services has been trading sideways for the past few weeks but we think it is ripe for a stronger rebound.

'If the candles can continue to hold above the 30-day and 50-day SMAs, there is a good chance that prices may re-rate towards 70.5 sen and 73 sen,' it said.

CIMB Research said the improving technical landscape further reinforces our positive stance on the stock. MACD signal line has staged a positive crossover while RSI has also hooked upward.

'Aggressive traders may start to nibble now. Always put a stop at below 62.5 sen 60 sen,' it said.


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