CIMB Retail Research has a Buy on property developer KUMPULAN HARTANAH SELANGOR BHD [] at 42.5 sen.
The research house said on Wednesday, July 21 KHSB may have found a temporary low at RM0.35. Since then, prices had rebounded a tad higher.
“On Tuesday, the candles also went close to challenge its downtrend resistance line. If it breaks out, prices would likely re-rate towards 45 sen and 48.5 sen next. A breakout above its 200-day SMA would instil more positives into the stock,” it said.
CIMB Retail Research said technical indicators also show signs of recovery. MACD has finally turned black while its RSI is rising towards the upper band of the neutral zone.
“Risk takers may start to nibble now. However, always put a stop at the support trend line (now at 38 sen) in case this is just a dead cat bounce. A slip below 35 sen would cancel out the upward momentum,” it said.
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