KUALA LUMPUR (March 26): CIMB Equities Research has a technical sell on KEY WEST GLOBAL TELECOMM []unications at 23.5 sen.
It said on Monday the stock is trading in a rising wedge pattern, which is bearish in nature.
“We caution traders to be alert here. If the candles violate the wedge support trend line (now at RM0.23), the next downswing would likely drag prices back towards 21.5 sen and 20 sen,” it said.
CIMB Research said the MACD histogram bars are losing pace, suggesting that momentum is slowly weakening. RSI too has hooked downward.
“Traders should wait for a slip below 23 sen before joining the sellers’ camp. Put a buy stop at 25 sen,” it said.
It said on Monday the stock is trading in a rising wedge pattern, which is bearish in nature.
“We caution traders to be alert here. If the candles violate the wedge support trend line (now at RM0.23), the next downswing would likely drag prices back towards 21.5 sen and 20 sen,” it said.
CIMB Research said the MACD histogram bars are losing pace, suggesting that momentum is slowly weakening. RSI too has hooked downward.
“Traders should wait for a slip below 23 sen before joining the sellers’ camp. Put a buy stop at 25 sen,” it said.
