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)