KUALA LUMPUR: CIMB Equities Research has a technical sell on IGB Corporation at RM2.80 at which it is trading at a price-to-book value of 1.2 times
It said on Tuesday IGB Corporation broke below its support trend line a week ago but found some support via its 50-day SMA. The current rebound looks weak and could potentially fizzle out soon.
“Technical landscape remains conductive for a correction as its MACD remains in a falling trend,” it said.
CIMB Research said any rally towards the RM2.88 resistance should be viewed as a chance to sell at a higher price.
“A break below RM2.68 would confirm that the longer term trend has also changed with prices targeting RM2.40 and RM2.23 next. As long as the RM2.93 high is not breached, the odds favour the bears,” it said.
It said on Tuesday IGB Corporation broke below its support trend line a week ago but found some support via its 50-day SMA. The current rebound looks weak and could potentially fizzle out soon.
“Technical landscape remains conductive for a correction as its MACD remains in a falling trend,” it said.
CIMB Research said any rally towards the RM2.88 resistance should be viewed as a chance to sell at a higher price.
“A break below RM2.68 would confirm that the longer term trend has also changed with prices targeting RM2.40 and RM2.23 next. As long as the RM2.93 high is not breached, the odds favour the bears,” it said.
