KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical sell on EP Manufacturing at 96 sen at which it is trading at a price-to-book value of 0.6 times.
“The uptrend channel from its September 2011 low may have exhausted. Selling pressure begins to pick up near the RM1.02 resistance level. Looking at the chart, we think the stock is due for a consolidation, with support seen at 90 sen and 84 sen,” it said.
CIMB Research said the indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also hooked downward.
“Unload on strength looks like a good option here as near term gains are likely capped at 98.5 sen to RM1.02. Put a buy stop at RM1.04,” it said.
“The uptrend channel from its September 2011 low may have exhausted. Selling pressure begins to pick up near the RM1.02 resistance level. Looking at the chart, we think the stock is due for a consolidation, with support seen at 90 sen and 84 sen,” it said.
CIMB Research said the indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also hooked downward.
“Unload on strength looks like a good option here as near term gains are likely capped at 98.5 sen to RM1.02. Put a buy stop at RM1.04,” it said.
