KUALA LUMPUR (Jan 16): CIMB Equities Research has a technical sell on Nagamas International at 70.5 sen at which it is trading at a price-to-book value of 2.1 times.
It said on Monday that Nagamas violated its wedge support few days ago. The bulls tried to make a comeback but it doubts prices can swing back above the 74 sen level any time soon.
“The deteriorating technical landscape suggests that selling pressure is picking up. MACD histogram bars are falling at a fast pace while RSI has also hooked downward.
“Sell on strength looks like a good option here, especially near the 72.5 sen to 74 sen resistances. Once the 200-day SMA (at 70 sen) is breached, expect prices to tumble towards 66.5 sen and 62.5 sen,” it said.
It said on Monday that Nagamas violated its wedge support few days ago. The bulls tried to make a comeback but it doubts prices can swing back above the 74 sen level any time soon.
“The deteriorating technical landscape suggests that selling pressure is picking up. MACD histogram bars are falling at a fast pace while RSI has also hooked downward.
“Sell on strength looks like a good option here, especially near the 72.5 sen to 74 sen resistances. Once the 200-day SMA (at 70 sen) is breached, expect prices to tumble towards 66.5 sen and 62.5 sen,” it said.
