KUALA LUMPUR (Dec 12): CIMB Equities Research has a technical sell on Muhibbah Engineering at RM1.02 at which it is trading at a FY13 price-to-earnings of 4.4 times and price-to-book value of 0.8 times.
It said on Monday Muhibbah Engineering broke below its triangle pattern last week.
“If the candles fail to push back above the support-turned-resistance trend line soon, we expect prices to fall towards 95 sen and 90 sen,” it said.
CIMB Research said the near term outlook does not look encouraging as prices are trading below all its key moving averages. Resistance is seen at RM1.05-RM1.08.
“Technical landscape looks subdued. MACD signal line has slipped into the negative territory while RSI has also hooked downward,” it said.
It said on Monday Muhibbah Engineering broke below its triangle pattern last week.
“If the candles fail to push back above the support-turned-resistance trend line soon, we expect prices to fall towards 95 sen and 90 sen,” it said.
CIMB Research said the near term outlook does not look encouraging as prices are trading below all its key moving averages. Resistance is seen at RM1.05-RM1.08.
“Technical landscape looks subdued. MACD signal line has slipped into the negative territory while RSI has also hooked downward,” it said.
