KUALA LUMPUR (Jan 30): CIMB Equities Research has a technical buy on Cypark Resources at RM1.56 at which it is trading at a price-to-book value of 2.1 times.
It said on Monday that Cypark could also found a bottom at RM1.31 in December.
“Friday’s breakout of its bullish flag pattern is positive for the stock while the close above its 50-day SMA is another plus point,” it said.
CIMB Research said both the MACD and RSI have hooked upward sharply, suggesting a surge in buying momentum. The MACD has also moved back into positive territory.
“Aggressive traders should buy now with a stop placed below RM1.34. This run has the potential to take prices up to RM1.75 and even RM1.95, its 200-day SMA,” it said.
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