KUALA LUMPUR (Feb 16): CIMB Equities Research has a technical sell on Carlsberg Brewery at RM9.45 at which it is trading at a FY13 price-to-earnings of 17.2 times and price-to-book value of 4.8 times.
It said on Thursday that prices have been falling since hitting a high of RM9.74 last week.
CIMB Research said that it may be too early to call for a top for Carlsberg but there are signs that the rally is losing momentum.
“The bearish divergence on its MACD and RSI calls for bulls to be extra cautious. The overbought RSI also supports the view that there is a good chance for the stock to retrace from here,” it said.
The research house said that even if prices take out last week’s high of RM9.74, the upside could be capped around the RM9.90-RM10.00 levels.
“The stock is a sell now with prices targeting to fill up the RM9.05-RM9.16 gap followed by a test of the RM8.50 support,” said CIMB Research.
It said on Thursday that prices have been falling since hitting a high of RM9.74 last week.
CIMB Research said that it may be too early to call for a top for Carlsberg but there are signs that the rally is losing momentum.
“The bearish divergence on its MACD and RSI calls for bulls to be extra cautious. The overbought RSI also supports the view that there is a good chance for the stock to retrace from here,” it said.
The research house said that even if prices take out last week’s high of RM9.74, the upside could be capped around the RM9.90-RM10.00 levels.
“The stock is a sell now with prices targeting to fill up the RM9.05-RM9.16 gap followed by a test of the RM8.50 support,” said CIMB Research.
