KUALA LUMPUR (March 2): CIMB Equities Research has a technical sell on Premier Nalfin at 40.5 sen at which it is trading at a price-to-book value of 0.9 times.
It said on Friday that Premier Nalfin violated its triangle support on Thursday. “This could entice greater selling pressure in days to come. If we are right, the next downswing is likely to drag prices towards its 30-day and 50-day SMAs, now at 38.5 sen and 33.5 sen respectively,” it said.
CIMB Research said that the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.
“Unload on strength looks like a good option here, especially near the 42 sen to 43 sen resistances. Only a rise above 43.5 sen would prompt us to review our call,” it said.
It said on Friday that Premier Nalfin violated its triangle support on Thursday. “This could entice greater selling pressure in days to come. If we are right, the next downswing is likely to drag prices towards its 30-day and 50-day SMAs, now at 38.5 sen and 33.5 sen respectively,” it said.
CIMB Research said that the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.
“Unload on strength looks like a good option here, especially near the 42 sen to 43 sen resistances. Only a rise above 43.5 sen would prompt us to review our call,” it said.
