KUALA LUMPUR (Jan 31): CIMB Equities Research has a technical sell on Maxis Bhd at RM5.56 at which it is trading at a a FY13 price-to-earnings of 17.4 times and price-to-book value of 5.4 times.
It said on Tuesday that there is a good chance that the uptrend from mid-November is coming to a temporary end.
“Yesterday, the stock violated its support trend line and this could entice greater selling pressure ahead. If the candles fail to bounce back above this support-turned-resistance trend line soon, we think that the stock is poised to correct towards RM5.36 and RM5.15,” it said.
CIMB Research also said the moving averages at RM5.55 to RM5.46 were also a magnet for prices.
“Indicators are showing signs of exhaustion. MACD is poised for a negative crossover while RSI has hooked downward.
“Traders should do well taking some profits now. However, always put a buy stop at RM5.80, just in case,” it said.
It said on Tuesday that there is a good chance that the uptrend from mid-November is coming to a temporary end.
“Yesterday, the stock violated its support trend line and this could entice greater selling pressure ahead. If the candles fail to bounce back above this support-turned-resistance trend line soon, we think that the stock is poised to correct towards RM5.36 and RM5.15,” it said.
CIMB Research also said the moving averages at RM5.55 to RM5.46 were also a magnet for prices.
“Indicators are showing signs of exhaustion. MACD is poised for a negative crossover while RSI has hooked downward.
“Traders should do well taking some profits now. However, always put a buy stop at RM5.80, just in case,” it said.
