Tuesday, January 10, 2012

CBIP has just broken above the horizontal resistance of RM4.70

This morning, CBIP has just tested its recent high of RM4.73 recorded on December 6. It went to an intra-day high of RM4.75. In the process, CBIP broke above its horizontal resistance at RM4.67-4.70. CBIP is likely to fix the ex-date for its proposed bonus issue of 1-for-1 soon. Such generous bonus issue can lead to a small rally in the share price.

Based on the above resaons, CBIP could be a good trading BUY. Potential targets are RM5.20 & RM5.70.

Chart: CBIP's daily chart as at Jan 10, 2012_10.00am (Source: Quickcharts)

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