Jul 4, 2012

BIMB – Short Term Trading Buy

BIMB –  RM 3.21  (Stock Code: 5258)  (Bloomberg Code: BIMB MK Equity)

BIMB made a minor daily Wave 4 low at MYR2.28 (on 21 May 2012) with grossly oversold and bullish signals. Due to its mostly positive chart signals, the indicators are pointing firmly to a move towards its resistance and upside target areas in the short to medium term.

SHORT-TERM BUY (TECHNICAL) on dips for BIMB, with very firm support areas at MYR2.92 and MYR3.21. The upside target areas are at MYR3.58, MYR4.17 and MYR4.57, with stop-loss at MYR2.90.

Below: BIMN Daily Chart  (click to enlarge)

bimb chart

BIMB Holdings Berhad (BIMB)  provides all aspects of Islamic banking services. Through its subsidiaries, it underwrites  family and general takaful (Islamic insurance) and provides stock -broking and other related services. It also has operations in unit trust management, provides training and consultancy services, and leases fixed assets to related companies.

by Maybank IB