Friday 3 February 2012

CIMB Research has technical sell on Bandar Raya Devt at RM2.39

KUALA LUMPUR (Feb 3): CIMB Equities Research has a technical sell on Bandar Raya Developments at RM2.39 at which it is trading at a price-to-book value of 0.7 times.

It said on Friday the uptrend from its September 2011 low was looking exhausted as selling pressure picks up near the 78.6% FR level. Follow-through momentum is usually weak in a bearish flag pattern.

“MACD signal line is poised for a negative crossover while RSI has flattened out. Next downleg will likely drag prices towards RM2.25 and RM2.16.

“Unload on strength looks like a good option here, especially near the RM2.40-RM2.47 resistances. Put a buy stop at RM2.54, just in case,” said CIMB Research.



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