KUALA LUMPUR (Jan 11): CIMB Equities Research has a technical sell on Petra Energy at 94.5 sen at which it is trading at a price-to-book value of 0.6 times.
It said on Wednesday Petra Energy violated its triangle support on Monday.
“We see this as a prelude to more downside ahead. With the candles also falling below its key moving averages, we doubt any rebound would be sustainable,” it said.
CIMB Research said the technical indicators are also showing negative readings. MACD signal line has staged a dead cross while RSI is falling towards the oversold territory.
“As the trend favours the bears, traders should do well selling into strength. Near term gains are likely capped at 99.5 sen. Support is at 90 sen and 85 sen,” it said.
It said on Wednesday Petra Energy violated its triangle support on Monday.
“We see this as a prelude to more downside ahead. With the candles also falling below its key moving averages, we doubt any rebound would be sustainable,” it said.
CIMB Research said the technical indicators are also showing negative readings. MACD signal line has staged a dead cross while RSI is falling towards the oversold territory.
“As the trend favours the bears, traders should do well selling into strength. Near term gains are likely capped at 99.5 sen. Support is at 90 sen and 85 sen,” it said.
