KUALA LUMPUR (Dec 13): CIMB Equities Research has a technical sell on MISC at RM5.60 at which it is trading at a FY13 price-to-earnings of 16.5 times and price-to-book value of 1.1 times.
It said on Tuesday that MISC was trading below all its key moving averages. “Hence, we have reason to believe that the stock is still entrenched in a downtrend channel. If we are right, the candles are likely to fall towards RM5.25 and possibly even RM4.90 in the near term,” it said.
CIMB Research said the technical landscape remained lethargic. MACD signal line was hovering in the negative territory while RSI was below the 50 pts mark.
“Unload on strength looks like a good option here, especially near the RM5.88-RM5.98 levels. We will only review our call if prices push back above the 30-day and 50-day SMAs,” it said.
It said on Tuesday that MISC was trading below all its key moving averages. “Hence, we have reason to believe that the stock is still entrenched in a downtrend channel. If we are right, the candles are likely to fall towards RM5.25 and possibly even RM4.90 in the near term,” it said.
CIMB Research said the technical landscape remained lethargic. MACD signal line was hovering in the negative territory while RSI was below the 50 pts mark.
“Unload on strength looks like a good option here, especially near the RM5.88-RM5.98 levels. We will only review our call if prices push back above the 30-day and 50-day SMAs,” it said.
