KUALA LUMPUR (Dec 16): CIMB Equities Research has a technical sell on CB INDUSTRIAL PRODUCT HOLDING []s at RM4.53 at which it is trading at a price-to-book value of 1.7 times.
It said on Friday the rally from its September’s low may have exhausted. Sellers began to surface near the RM4.73 high and the triangle breakdown on Thursday reaffirmed this bearish view.
CIMB Research said another black candle should drag prices towards RM4.39 next. The following support levels are RM4.20 and RM4.05.
“Indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also hooked downward.
“Sell on strength looks like a good option here, especially near the RM4.59- RM4.73 resistances. Put a buy stop at RM4.75, just in case,” it said.
It said on Friday the rally from its September’s low may have exhausted. Sellers began to surface near the RM4.73 high and the triangle breakdown on Thursday reaffirmed this bearish view.
CIMB Research said another black candle should drag prices towards RM4.39 next. The following support levels are RM4.20 and RM4.05.
“Indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also hooked downward.
“Sell on strength looks like a good option here, especially near the RM4.59- RM4.73 resistances. Put a buy stop at RM4.75, just in case,” it said.
