KUALA LUMPUR (Nov 3): CIMB Equities Research has a technical sell on Telekom Malaysia at RM4.19 at which it is trading at a FY12 price-to-earnings of 20 times and price-to-book value of 2.3 times.
It said on Thursday the fall from Telekom’s high of RM4.50 appears to be impulsive. The current rebound has taken prices back up to retest its 62%FR levels.
“The technical landscape remains lethargic. MACD has just confirmed its dead crossover while its RSI sports a minor bearish divergence signal.
“Sell into strength with a buy stop placed above RM4.33. Prices could ease back below the recent low of RM3.93-RM4.00 towards the key support trend line at RM3.75 once this rebound ends,” it said.
It said on Thursday the fall from Telekom’s high of RM4.50 appears to be impulsive. The current rebound has taken prices back up to retest its 62%FR levels.
“The technical landscape remains lethargic. MACD has just confirmed its dead crossover while its RSI sports a minor bearish divergence signal.
“Sell into strength with a buy stop placed above RM4.33. Prices could ease back below the recent low of RM3.93-RM4.00 towards the key support trend line at RM3.75 once this rebound ends,” it said.
