Stock Name: JCY
Company Name: JCY INTERNATIONAL BERHAD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a technical Buy on JCY International at 65 sen at which it is trading at a FY12 price-to-earnings of 7.6 times and price-to-book value of 1.5 times.
It said on Tuesday, May 10 JCY broke out of its long term bullish wedge pattern in late March and prices hit a high of 83 sen.
CIMB Equities Research prices have since eased and it had retraced to its 61.8%FR levels while it formed a hammer-like candle on Monday.
'We do not expect prices to move too far from its 61.8%FR levels as its MACD and RSI are turning sideways now, possibly suggesting a slowdown in selling momentum.
'Aggressive traders may go long now with a stop placed below the recent swing low of 57.5 sen. A break above 68.5 sen would likely be a good signal to suggest that a new rally has begun. We expect prices to take out the old high of 83 sen in the short to medium term. Remain positive on the stock,' it said.
Company Name: JCY INTERNATIONAL BERHAD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a technical Buy on JCY International at 65 sen at which it is trading at a FY12 price-to-earnings of 7.6 times and price-to-book value of 1.5 times.
It said on Tuesday, May 10 JCY broke out of its long term bullish wedge pattern in late March and prices hit a high of 83 sen.
CIMB Equities Research prices have since eased and it had retraced to its 61.8%FR levels while it formed a hammer-like candle on Monday.
'We do not expect prices to move too far from its 61.8%FR levels as its MACD and RSI are turning sideways now, possibly suggesting a slowdown in selling momentum.
'Aggressive traders may go long now with a stop placed below the recent swing low of 57.5 sen. A break above 68.5 sen would likely be a good signal to suggest that a new rally has begun. We expect prices to take out the old high of 83 sen in the short to medium term. Remain positive on the stock,' it said.
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