KUALA LUMPUR (Dec 9): CIMB Equities Research has a technical sell on WTK Holdings at RM1.17 at which it is trading at a price-to-book value of 0.5 times.
It said on Friday WTK Holdings is still trapped in a downtrend channel. Despite numerous attempts, prices fail to push above the downward slopping resistance trend line. The 30-day and 50-day SMAs at RM1.32-1.28 respectively will also put a lid on the bulls.
“Indicators are showing signs of exhaustion. MACD signal line has slipped into the red while RSI is below the 50pts mark.
“We will continue to stick with the bear’s camp unless prices swing past the resistance trend line. Next supports are RM1.08 and RM1.03,” it said.
It said on Friday WTK Holdings is still trapped in a downtrend channel. Despite numerous attempts, prices fail to push above the downward slopping resistance trend line. The 30-day and 50-day SMAs at RM1.32-1.28 respectively will also put a lid on the bulls.
“Indicators are showing signs of exhaustion. MACD signal line has slipped into the red while RSI is below the 50pts mark.
“We will continue to stick with the bear’s camp unless prices swing past the resistance trend line. Next supports are RM1.08 and RM1.03,” it said.
