Written by CIMB Equities Research
Thursday, 08 April 2010 09:13
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KUALA LUMPUR: CIMB Equities Research sees more upside for Muhibbah Engineering Bhd after it inched past the resistance trend line on Wednesday, April 7.
It said on Thursday, April 8 that the breakout might instill some positive sentiment into the stock and this should pushed prices higher towards RM1.17 next. A break above RM1.21, its January’s high, would also indicate that a double bottom formation is in the making.
To recap, it said Muhibbah had on Wednesday inched past the resistance trend line and things are turning for the better. Apart from the positive readings of its MACD and RSI indicator, its 30-day SMA is also about to take over the longer term 50-day SMA.
“To keep this uptrend afloat, prices need to hold above the resistance-turned-support trend line as well as its key SMAs, at RM1.03 and 97 sen to 96 sen respectively,” it said.
Muhibbah provides civil, marine, and structural engineering contract works. Through its subsidiaries, the company also manufactures engineering products and distributes and markets CONSTRUCTION [] materials.
