KUALA LUMPUR (March 29): CIMB Equities Research has a technical sell on RHB Capital at RM7.90 at which it is trading at a FY13P/E of 8.6 times and price-to-book value of 1.5 times.
It said on Thursday the countertrend rebound is finding it difficult to breakout above its 38.2% Fibonacci Retracement level. It could possibly that the 200-day SMA is also standing in the way of the bulls.
“Prices could push a tad higher from here towards RM8.09 again or even RM8.20, the channel resistance but we do not think there is enough momentum to carry it past those resistances.
“Hence, any rallies should be viewed as a chance to sell. Confirmation would come in the form of a break below RM7.59, targeting RM7.15, the channel support and RM6.92,” CIMB Research said.
It said on Thursday the countertrend rebound is finding it difficult to breakout above its 38.2% Fibonacci Retracement level. It could possibly that the 200-day SMA is also standing in the way of the bulls.
“Prices could push a tad higher from here towards RM8.09 again or even RM8.20, the channel resistance but we do not think there is enough momentum to carry it past those resistances.
“Hence, any rallies should be viewed as a chance to sell. Confirmation would come in the form of a break below RM7.59, targeting RM7.15, the channel support and RM6.92,” CIMB Research said.
