KUALA LUMPUR (Dec 9): CIMB Equities Research has a technical sell on RHB Capital at RM6.92 at which it is trading at a FY13 price-to-earnings of 7.5 times and price-to-book value of 1.4 times.
It said on Friday that respite numerous attempts, RHB Capital failed to swing above its resistance trend line.
“This shows that the bears are firmly in command. If we are right, prices would likely ease towards RM6.53 and RM6.25 over the next few days, if not weeks,” it said.
CIMB Research said as prices stay below its key moving averages, it doubted any rebound would be strong.
“MACD has staged a negative crossover while RSI is also dwindling towards the oversold territory. Near term outlook favours the bear.
“Use any rebound towards its 50-day and 30-day SMAs (now at RM7.25 and RM7.39 respectively) to unload on strength. Put a buy stop at RM7.12-RM7.40, just in case,” it said.
It said on Friday that respite numerous attempts, RHB Capital failed to swing above its resistance trend line.
“This shows that the bears are firmly in command. If we are right, prices would likely ease towards RM6.53 and RM6.25 over the next few days, if not weeks,” it said.
CIMB Research said as prices stay below its key moving averages, it doubted any rebound would be strong.
“MACD has staged a negative crossover while RSI is also dwindling towards the oversold territory. Near term outlook favours the bear.
“Use any rebound towards its 50-day and 30-day SMAs (now at RM7.25 and RM7.39 respectively) to unload on strength. Put a buy stop at RM7.12-RM7.40, just in case,” it said.
