KUALA LUMPUR (March 29): CIMB Equities Research has a technical sell on MHC PLANTATION []s at RM1.73, at which it is trading at a price-to-book value of 0.5 times.
It said on Wednesday the rally from its September 2011 low may have exhausted.
CIMB Research pointed out the bulls are beginning to retreat after prices hit a high of RM1.84. Another black candle on Wednesday should send prices towards its next supports at RM1.66 and RM1.54.
“Indicators are showing signs of exhaustion. MACD signal line is losing pace while RSI has also hooked downward.
“Use any rebound towards RM1.78-1.84 to unload on strength. Unless prices swing past the RM1.85 level, the odds now favour the bears,” it said.
It said on Wednesday the rally from its September 2011 low may have exhausted.
CIMB Research pointed out the bulls are beginning to retreat after prices hit a high of RM1.84. Another black candle on Wednesday should send prices towards its next supports at RM1.66 and RM1.54.
“Indicators are showing signs of exhaustion. MACD signal line is losing pace while RSI has also hooked downward.
“Use any rebound towards RM1.78-1.84 to unload on strength. Unless prices swing past the RM1.85 level, the odds now favour the bears,” it said.
