Wednesday, January 4, 2012

CIMB Research has technical buy on Landmarks at RM1.10

KUALA LUMPUR (Jan 4): CIMB Equities Research has a technical buy on Landmarks at RM1.10 at which it is trading at a price-to-book value of 0.3 times.

It said on Wednesday Landmarks has been hovering near its 30-day and 50-day SMAs after prices broke out of its wedge resistance.

'We think a base has been formed and prices are likely to push for one more upswing,' it said.

CIMB Research said the MACD has staged a positive crossover while RSI is above the 50 points mark. The next targets to beat are RM1.16 and RM1.20. The 200-day SMA at RM1.28 would also be a magnet for prices.

'Traders may start to take some position now before the next upleg kicks in. However, always put a stop at below RM1.03,' it said.

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