KUALA LUMPUR (March 30): CIMB Equities Research has a technical sell on TH PLANTATION [] at RM2.85 at which it is trading at a price-to-book value of 0.5 times.
It said on Friday prices broke below its support trend line on Thursday on rising volume. Prices also closed below its 30-day SMA in the process.
“With both technical indicators showing weakness, the odds favour the bears at the moment. One can expect more downside in the near term,” it said.
CIMB Research said prices could ease towards RM2.70 and RM2.42-2.48 next as long as prices stay below RM2.99.
“One can also place their stop above RM2.88, the support turned resistance trend line,” it said.
It said on Friday prices broke below its support trend line on Thursday on rising volume. Prices also closed below its 30-day SMA in the process.
“With both technical indicators showing weakness, the odds favour the bears at the moment. One can expect more downside in the near term,” it said.
CIMB Research said prices could ease towards RM2.70 and RM2.42-2.48 next as long as prices stay below RM2.99.
“One can also place their stop above RM2.88, the support turned resistance trend line,” it said.
