Wednesday, 14 March 2012

CIMB Research has technical sell on Dayang Enterprise at RM2.10

KUALA LUMPUR (March 14): CIMB Equities Research has a technical sell on Dayang Enterprise Holdings at RM2.10 at which it is trading at a price-to-book value of 2.2 times.

The research house said on Wednesday the uptrend from its September 2011 low may have exhausted. Selling pressure began to accelerate after prices hit a snag at the RM2.20 level.

“Looking at the chart, we think that the next downleg would likely drag prices back towards RM1.97 and RM1.87,” it said.

CIMB Research said the indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while the RSI has also hooked downward.

“Unload on strength looks like a good option here, especially near the RM2.14-RM2.20. Put a buy stop at RM2.25, just in case,” it said.

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