KUALA LUMPUR (Feb 8): CIMB Equities Research has a technical sell on Kurnia Asia at 59.5 sen at which it is trading at a price-to-book value of 2.7 times.
It said on Wednesday that Kurnia Asia is hanging by a thread. If the 30-day SMA fails to hold, it anticipates selling pressure to intensify.
“The next downleg is going to send prices towards 57.5 sen and 55 sen. The 50-day SMA is also a magnet for prices. “Technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI is also dwindling,” it said.
CIMB Research said traders should wait for prices to break below its 30-day SMA (now at 59 sen) before going short. Only a rise above 63 sen would prompt it to review its call.
It said on Wednesday that Kurnia Asia is hanging by a thread. If the 30-day SMA fails to hold, it anticipates selling pressure to intensify.
“The next downleg is going to send prices towards 57.5 sen and 55 sen. The 50-day SMA is also a magnet for prices. “Technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI is also dwindling,” it said.
CIMB Research said traders should wait for prices to break below its 30-day SMA (now at 59 sen) before going short. Only a rise above 63 sen would prompt it to review its call.
