KUALA LUMPUR (March 22): CIMB Equities Research has a technical buy on Winsun Technologies at 12 sen at which it is trading at a price-to-book of 0.8 times.
It said on Thursday since it featured Winsun as a technical sell stock on March 5, prices fell from a high of 20 sen to its recent swing low of 11 sen. At current levels, it sees the formation of a short term support, which is near the 61.8% Fibonacci Retracement levels.
“MACD histogram bars are falling at a slower pace, suggesting that selling pressure is tapering off. RSI has also flattened out,” it said.
CIMB Research said aggressive traders may take some position now with a stop place below 11 sen. Next resistance levels are 13.5 sen and 15 sen.
It said on Thursday since it featured Winsun as a technical sell stock on March 5, prices fell from a high of 20 sen to its recent swing low of 11 sen. At current levels, it sees the formation of a short term support, which is near the 61.8% Fibonacci Retracement levels.
“MACD histogram bars are falling at a slower pace, suggesting that selling pressure is tapering off. RSI has also flattened out,” it said.
CIMB Research said aggressive traders may take some position now with a stop place below 11 sen. Next resistance levels are 13.5 sen and 15 sen.
