Wednesday, January 4, 2012

CIMB Research has technical buy on TH Plantations at RM2.19

KUALA LUMPUR (Jan 4): CIMB Equities Research has a technical buy on TH PLANTATION []s at RM2.19, at which it is trading at a price-to-book value of 1.9 times.

It said on Wednesday TH Plantations broke out of its triangle resistance on Tuesday.

'If prices can continue to hold above this level (now at RM2.17), there is a good chance that prices may push for one more upleg, possibly towards the RM2.28 high again. The following resistance levels are RM2.40 and RM2.55,' it said.

CIMB Research said the MACD signal line is poised for a positive crossover while RSI has also hooked upward. Hence, we think the bulls have the upper hand here.

It said aggressive traders may start to nibble now. However, always put a stop at below RM2.08 to keep loss tight.

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