KUALA LUMPUR (Jan 10): CIMB Equities Research has a technical sell on Selangor PROPERTIES [] at RM3.22 at which it is trading at a price-to-book value of 0.6 times.
It said on Tuesday Selangor Properties violated its triangle support the previous day and it viewed this as a prelude to more downside ahead.
“Selling pressure would likely accelerate over the next few days if the candles fail to climb back above the support-turned-resistance trend line soon,” it said.
CIMB Research said the MACD signal line has staged a dead cross while RSI has also hooked downward.
“Our strategy here is to unload on strength, preferably near the RM3.32-RM3.40 resistances. Only a rise above RM3.50 would negate this bearish view,” it said.
It said on Tuesday Selangor Properties violated its triangle support the previous day and it viewed this as a prelude to more downside ahead.
“Selling pressure would likely accelerate over the next few days if the candles fail to climb back above the support-turned-resistance trend line soon,” it said.
CIMB Research said the MACD signal line has staged a dead cross while RSI has also hooked downward.
“Our strategy here is to unload on strength, preferably near the RM3.32-RM3.40 resistances. Only a rise above RM3.50 would negate this bearish view,” it said.
