Wednesday 23 January 2013

Highlights / Stock Picks of the Day - CIMB Group Holdings ("CIMB") – Buy


CIMB slid in tandem with the FBM KLCI, but managed to recoup most of its losses during the trading day. The stock ended 2 sen lower at RM7.22, afte reaching a low of RM7.02 in the morning session. Overall, the stock had been trading within a well defined RM7.15-RM7.91 trading range over the past year, and the stock retested the RM7.15 crucial support yesterday. A bullish "Hammer" reversal candlestick was formed just above this level, and underpinned by the heavily oversold indicators, we reckon that the stock may see its share price rebound  from here. We reckon that at this point, probability favours the upside, and suggest that traders buy into the stock. Traders may target the RM7.67 level, while employing a tight stop loss of RM6.98. This would translate to a 1.9x reward over risk.

Source: Kenanga
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1 comment:

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