AusGrp: Technical Buy Call by CIMB. House note that the corrective rebound from the August 2011 low does not look complete, suggesting that there is still room on the upside from here. Prices have been trading in a sideways manner since the rebound to its 50% Fibonacci levels.
Think that the next leg higher is likely to take place soon given that its MACD has now moved back into positive territory. However, its RSI is still building base above the 50-pts mark. Only aggressive traders should attempt to buy this stock and place the stop below the recent swing low of $0.305. The next leg of the rebound could send prices higher towards its 62% Fibonacci Retracement level at S$0.41 or at least S$0.39.
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