Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 30): AllianceDBS Research said renewed buying interest had emerged in CIMB Group Holdings Bhd (CIMB) and that CIMB had on Aug 29 crossed over the RM4.76 hurdle to settle at the day’s high of RM4.80 (up 10 sen or 2.12%).

In its evening edition yesterday, the research house said a crossover of the RM4.76 hurdle would likely see CIMB trading upward with the next upside target pegged between RM4.93 and RM4.97.

It said risk taking traders can establish a buying position at RM4.77 on a small pullback.

“Once a buying position is established, a stop loss at RM4.74 level must be placed for risk capital protection, and this RM4.74 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM30 (excluding brokerage) for RM160 – RM200 potential profit, you may acquire 1,000 shares with a capital amount of RM4,770 assuming buying order is filled at RM4.77,”it said.

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