KUALA LUMPUR (Dec 12): CIMB Equities Research has a technical sell on Naim Holdings at RM1.55 at which it is trading at a price-to-book value of 0.5 times.
It said on Monday Naim Holdings violated its triangle support on Friday. This is a worrying sign as it may signal the beginning of next downleg.
“If prices continue to stay below the support-turned-resistance trend line, we expect the candles to fall towards its next support levels are RM1.45 and RM1.35,” it said.
CIMB Research said the MACD is falling deeper into the negative territory while RSI has also fallen into the oversold territory.
“Unload on strength looks like a good option here, especially near the RM1.58-1.60 resistances. However, always put a buy stop at RM1.65,” it said.
It said on Monday Naim Holdings violated its triangle support on Friday. This is a worrying sign as it may signal the beginning of next downleg.
“If prices continue to stay below the support-turned-resistance trend line, we expect the candles to fall towards its next support levels are RM1.45 and RM1.35,” it said.
CIMB Research said the MACD is falling deeper into the negative territory while RSI has also fallen into the oversold territory.
“Unload on strength looks like a good option here, especially near the RM1.58-1.60 resistances. However, always put a buy stop at RM1.65,” it said.
