KUALA LUMPUR: CIMB Equities Research has a technical sell on Naim Indah Corp at 53.5 sen at which it is trading at a price-to-book value of 4.9 times
It said on Tuesday the stock appears to have formed a double top pattern. Prices failed to record a new high last week, which led to further selling.
“With both its indicators starting to head lower, the odds of further upside also diminish as well. Continue to look out for the support at 50.5 sen where a break below would send prices falling towards the 42 sen levels next.
“Any rebounds should be a chance to sell into strength. As long as the 72.5 sen resistance is intact, we think that sellers are in charge,” it said.
It said on Tuesday the stock appears to have formed a double top pattern. Prices failed to record a new high last week, which led to further selling.
“With both its indicators starting to head lower, the odds of further upside also diminish as well. Continue to look out for the support at 50.5 sen where a break below would send prices falling towards the 42 sen levels next.
“Any rebounds should be a chance to sell into strength. As long as the 72.5 sen resistance is intact, we think that sellers are in charge,” it said.
