Thursday 15 March 2012

CIMB Research has technical sell on Tradewinds Plantations at RM4.72

KUALA LUMPUR (March 15): CIMB Equities Research has a technical sell on Tradewinds PLANTATION [] at RM4.72 at which it is trading at a price-to-book value of 1.4 times.

It said on Thursday the strong rally from the August/September lows appears to have completed its run when prices hit the RM5.01 high in early February.

The current rebound is likely corrective and is likely to end below the support turned resistance trend line at RM4.85.

“Technical landscape is neutral at the moment. However, the medium term bearish divergence is still in play, which could keep the buying in check,” it said.

CIMB Research said it believed that prices are more likely to trend lower from here or marginally higher from here. Traders should lock in profits now. Prices are likely to ease back towards RM4.50 and RM4.24 again soon. The gap at RM3.67-RM3.79 is also another long term target if the RM5.01 high holds steady.



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