KUALA LUMPUR: CIMB Equities Research has a Buy on Lingui Developments as the technical landscape for its share price is improving.
It said on Friday, April 22 that Lingui hit a new 52-week high of RM2.11 on 7 April before profit taking set in.
The pullback dragged prices towards the 38.2% FR level, fulfilling the minimum retracement target.
“Looking at the chart, we think the stock is due for a stronger rebound,” it said.
CIMB Research said the technical landscape is improving. MACD histogram bars are falling at a slower pace while RSI has also hooked upward.
It said traders may start to nibble now. Only a fall below RM1.78 would trigger our stop. Meanwhile, resistances are RM2.11 and RM2.25.