Friday, December 2, 2011

CIMB Research has technical buy on Alliance Financial Group at RM3.65

KUALA LUMPUR (Dec 2): CIMB Equities Research has a technical buy on ''Alliance Financial Group (AFG) at RM3.65 at which it is trading at a FY13 price-to-earnings of 10.7 times and price-to-book value of 1.6 times.

It said on Friday that AFG broke out of its consolidation triangle pattern on Thursday on rising volume.

'We anticipate the next up leg to lift prices towards the RM3.80 and RM4.00 resistances.

'Technical landscape is improving. MACD signal line has staged a positive crossover while RSI has also hooked upward,' it said.

CIMB Research said that aggressive traders may start to nibble now. However, always place a stop at below the resistance-turned-support channel (now at RM3.57).

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