KUALA LUMPUR (Dec 14): CIMB Equities Research has a technical sell on Coastal Contracts at RM1.84 at which it is trading at a price-to-book value of 1.2 times.
It said on Wednesday the rebound from its September’s low is at stake. If prices fail to hold on above the support trend line (now at RM1.83), there is a high possibility that the candles may slip towards RM1.77 and RM1.62 in the near term.
“Technical landscape remains lethargic. MACD signal line has flattened out while RSI is below the 50pts mark.
“Aggressive traders may want to lock in some profits now while others should only join the selling bandwagon when prices fall below the RM1.77 level. Put a buy stop at RM1.91, just in case,” it said.
It said on Wednesday the rebound from its September’s low is at stake. If prices fail to hold on above the support trend line (now at RM1.83), there is a high possibility that the candles may slip towards RM1.77 and RM1.62 in the near term.
“Technical landscape remains lethargic. MACD signal line has flattened out while RSI is below the 50pts mark.
“Aggressive traders may want to lock in some profits now while others should only join the selling bandwagon when prices fall below the RM1.77 level. Put a buy stop at RM1.91, just in case,” it said.
