KUALA LUMPUR (March 5): CIMB Research has technical sell on Winsun Technologies at 19 sen at 19 sen at which it is trading at a price-to-book value of 19 sen.
It said on Monday that Winsun Technologies is trading in a rising wedge pattern, suggesting that the run-up is about to exhaust. Once the candles fall below the support trend line (now at 17.5 sen), expect correction to be sharp. Next support is at 15.5 sen and 14 sen.
"Hence, our strategy here is to unload on strength, especially near the 19 sen to 20 sen resistances. Always put a buy stop at 20.5 sen, just in case. The bearish divergence on the RSI indicator shows that buying momentum is losing pace. MACD signal line is also about to stage a negative crossover," it said.
It said on Monday that Winsun Technologies is trading in a rising wedge pattern, suggesting that the run-up is about to exhaust. Once the candles fall below the support trend line (now at 17.5 sen), expect correction to be sharp. Next support is at 15.5 sen and 14 sen.
"Hence, our strategy here is to unload on strength, especially near the 19 sen to 20 sen resistances. Always put a buy stop at 20.5 sen, just in case. The bearish divergence on the RSI indicator shows that buying momentum is losing pace. MACD signal line is also about to stage a negative crossover," it said.
