KUALA LUMPUR (Dec 1): CIMB Equities Research has a technical sell on TSH Resources at RM4, at which it is trading at a price-to-book value of 2.0 times.
It said on Thursday TSH Resources is gyrating in a bearish wedge pattern.
“If we are right, the current uptrend will be running out of steam soon. A break below the wedge support (now at RM3.85) will indicate that the next upleg has begun,” it said.
CIMB Research said although MACD is still rising, RSI is now hovering in the overbought territory. Hence, profit taking activities may surface in days to come.
“Use any rebound towards the RM4.08-4.10 to unload on strength. Only a push above RM4.15 would negate this view. Support is at RM3.80 and RM3.55,” it said.
It said on Thursday TSH Resources is gyrating in a bearish wedge pattern.
“If we are right, the current uptrend will be running out of steam soon. A break below the wedge support (now at RM3.85) will indicate that the next upleg has begun,” it said.
CIMB Research said although MACD is still rising, RSI is now hovering in the overbought territory. Hence, profit taking activities may surface in days to come.
“Use any rebound towards the RM4.08-4.10 to unload on strength. Only a push above RM4.15 would negate this view. Support is at RM3.80 and RM3.55,” it said.
