Tuesday, 13 March 2012

CIMB Research has technical sell on Maxis at RM5.94

KUALA LUMPUR (March 13): CIMB Equities Research has a technical sell on Maxis at RM5.94 at which it is trading at a FY13 price-to-earnings of 19.2 times and price-to-book value of 5.5 times.

It said on Tuesday there is a chance that the uptrend from mid-November is coming to a temporary end. The stock has pulled back from the February high to its uptrend channel support.

CIMB Research said a break below this channel support at RM5.86 on high volume would bring up the question of the end of the uptrend.

“Indicators are still showing weakness, which would allow the bears to continue to dominate. Traders should wait for a break below RM5.86 before selling.

“Otherwise, the stock could still push on to retest the February high. A break below RM5.84 would see prices fall towards RM5.56 and even RM5.15,” the research house said.

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