KUALA LUMPUR (Jan 12): CIMB Equities Research has a technical sell on Seacera Group at 72.5 sen at which it is trading at a price-to-book value of 1.0 times.
It said on Thursday that Seacera Group violated its wedge support on Wednesday, which also confirmed its evening star reversal pattern.
“We think that there is a high possibility that prices may dwindle towards 69.5 sen and 66 sen next. The 200-day SMA (at 63.5 sen) is the following support level,” it said.
CIMB Research said the indicators are showing signs of exhaustion. MACD signal line has begun to flatten out while RSI has also hooked downward.
“Aggressive traders may want to unload some position here. However, always put a buy stop at 75 sen in case we underestimate the strength of this rally,” it said.
It said on Thursday that Seacera Group violated its wedge support on Wednesday, which also confirmed its evening star reversal pattern.
“We think that there is a high possibility that prices may dwindle towards 69.5 sen and 66 sen next. The 200-day SMA (at 63.5 sen) is the following support level,” it said.
CIMB Research said the indicators are showing signs of exhaustion. MACD signal line has begun to flatten out while RSI has also hooked downward.
“Aggressive traders may want to unload some position here. However, always put a buy stop at 75 sen in case we underestimate the strength of this rally,” it said.
