KUALA LUMPUR (Dec 7): CIMB Equities Research has a technical sell on Tebrau Teguh at 71.5 sen at which it is trading at a price-to-book value of 1.0 times.
It said on Wednesday the rebound from its August’s low may have hit a snag near the 61.8% FR level. Prices are now struggling to stay above its key moving averages.
“If the 50-day SMA gives way, there is a high possibility that prices may fall towards 67 sen and 63 sen. The 38.2% FR level is also a magnet for prices,” it said.
CIMB Research said the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.
“Unless prices swing back above the 75 sen level, we would rather stick with the bear’s camp. Put a buy stop at 77.5 sen, just in case. Unload on strength,” it said.
It said on Wednesday the rebound from its August’s low may have hit a snag near the 61.8% FR level. Prices are now struggling to stay above its key moving averages.
“If the 50-day SMA gives way, there is a high possibility that prices may fall towards 67 sen and 63 sen. The 38.2% FR level is also a magnet for prices,” it said.
CIMB Research said the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.
“Unless prices swing back above the 75 sen level, we would rather stick with the bear’s camp. Put a buy stop at 77.5 sen, just in case. Unload on strength,” it said.
