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.
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.
