KUALA LUMPUR (Jan 19): CIMB Equities Research has a technical buy on Pantech Group Holdings at 52 sen at which it is trading at a price-to-book value of 0.7 times.
It said on Thursday that Pantech Group broke out of its medium term downtrend channel recently.
“It seems that prices are likely to charge towards its 200-day SMA soon. If this moving average is taken out, we expect follow through momentum to pick up strongly. The next upswing is going to lift prices towards 54.5 sen and 58.5 sen,” it said.
CIMB Research said the positive technical readings reinforced its bullish stance on the stock.
The research house said the MACD histogram bars have returned to the black while RSI has also hooked upward.
“Traders with lower risk appetite should wait for prices to swing past its 200-day SMA before going long. Be quick to cut loss if 49.5 sen is breached,” it said.
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