KUALA LUMPUR (March 22): CIMB Equities Research has a technical sell on Prestariang at 92 sen at which it is trading at a price-to-book of 2.7 times
It said on Thursday the uptrend channel from its Sep-11 low is at stake. If the candles fail to hold on above the support trend line (now at 90.5 sen), prices may tumble towards 86.5 sen, before heading towards 79.5 sen next.
“Selling pressure should accelerate once the candles fall below the 50-day SMA,” it said.
CIMB Research said indicators are showing signs of exhaustion. MACD signal line has staged a negative crossover, pushing its histogram bars into the negative territory while RSI is also below the 50pts mark.
“Unload on strength looks like a good option here, especially near the 94 sen to 97 sen resistances. Put a buy stop at 99.5 sen, just in case,” it said.
It said on Thursday the uptrend channel from its Sep-11 low is at stake. If the candles fail to hold on above the support trend line (now at 90.5 sen), prices may tumble towards 86.5 sen, before heading towards 79.5 sen next.
“Selling pressure should accelerate once the candles fall below the 50-day SMA,” it said.
CIMB Research said indicators are showing signs of exhaustion. MACD signal line has staged a negative crossover, pushing its histogram bars into the negative territory while RSI is also below the 50pts mark.
“Unload on strength looks like a good option here, especially near the 94 sen to 97 sen resistances. Put a buy stop at 99.5 sen, just in case,” it said.
