Thursday, 8 March 2012

CIMB Research has technical sell on Cypark at RM1.84

KUALA LUMPUR (March 8): CIMB Equities Research has a technical sell on Cypark Resources at RM1.84 at which it is trading at a price-to-book value of 2.5 times.

It said on Thursday the countertrend rebound may have exhausted. Prices reached the 38.2% Fibonacci Retracement level and the bears have since weighed on the bulls.

“The triangle breakdown on Tuesday indicates that there is still room to the downside. Once the 200-day SMA (RM1.80) gives way, expect prices to fall towards RM1.70 and RM1.63,” it said.

CIMB Research said the MACD has staged a dead cross, pushing its histogram bars into the negative territory. RSI too is below the 50pts mark.

“Unload on strength looks like a good option here, especially near the RM1.90-RM1.98 resistance. Only a rise above RM2.00 would prompt us to review our call,” it said.

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