Thursday 29 March 2012

CIMB Equities Research has technical sell on Maybank at RM8.83

KUALA LUMPUR (March 29): CIMB Equities Research has a technical sell on Malayan Banking at RM8.83 at which it is trading at a FY13P/E of 11.5 times and price-to-book value of 2.0 times.

It said on Thursday that Maybank appears to be forming a large bearish wedge pattern. CIMB Research said prices are now testing the key RM8.80 resistance as this level was tested at least eight times over the course of two and a half years and failed to breakout every time.

“We think this time would not be any different as the indicators are not supportive of a breakout. A throwover towards RM9.00-RM9.10 cannot be ruled out but it is likely unsustainable.

“We think the stock is a sell on rallies with a stop placed above RM9.22. Anything below RM8.64 would suggest that the bears are in command and could send prices falling towards RM8.15 and RM7.75 next,” said CIMB Research.



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