KUALA LUMPUR: CIMB Equities Research says there will be more follow-through buying of Kumpulan Persangsang Selangor (KPS) after the stock broke out of its downtrend channel recently.
"The stock broke out of its downtrend channel recently. We suspect there will be more follow-through buying in the near term. Given that its 30-day SMA has also inched past the longer term 50-day SMA, a temporary bottom may have been found at RM1.32," it said on Monday, April 12.
CIMB Research said the technical landscape shows positive sign. MACD has turned positive while its RSI is rising towards the upper band of the neutral zone. The first target to beat is RM1.60, while further gains should test RM1.65, RM1.76 and RM1.83 resistances.
"Despite the bullishness, always place a stop at RM1.48 (also its support trend line). If this level is violated, then probably this is just a fake out. A fall below RM1.32 will also mean more downside is underway," it said.
KPS manages CONSTRUCTION [] projects, develops and operates tourist resorts. It is also involved in property development
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
music
Create a playlist at MixPod.com
