KUALA LUMPUR: CIMB Retail Research has a Sell call on Genting PLANTATION []s at RM6.87 and advises investors to use any rebounds to sell into strength.
The research house said on Thursday, June 24 Genting Plantations is still holding steady in its uptrend channel. However, it said that there may be some short term weaknesses in days to come as prices are now gyrating near its resistance trend line.
In the past, this is a significant resistance level which would keep the bulls at bay. Technical indicators are showing some signs of weariness. MACD histograms are losing some pace here while its RSI has hooked downward.
Immediate resistance is at RM7.09 while further gains would likely be capped at RM7.40 next.
'Use any rebound to sell into strength. There could be some support near its 50-day and 30-day at RM6.65-RM6.58 respectively. The 200-day SMA support is at RM6.36 while the support trend line is at RM5.98,' it said.
At RM6.87, Genting Plantations' FY11P/E is 15.2 times and P/BV: 2.0 times.
The research house said on Thursday, June 24 Genting Plantations is still holding steady in its uptrend channel. However, it said that there may be some short term weaknesses in days to come as prices are now gyrating near its resistance trend line.
In the past, this is a significant resistance level which would keep the bulls at bay. Technical indicators are showing some signs of weariness. MACD histograms are losing some pace here while its RSI has hooked downward.
Immediate resistance is at RM7.09 while further gains would likely be capped at RM7.40 next.
'Use any rebound to sell into strength. There could be some support near its 50-day and 30-day at RM6.65-RM6.58 respectively. The 200-day SMA support is at RM6.36 while the support trend line is at RM5.98,' it said.
At RM6.87, Genting Plantations' FY11P/E is 15.2 times and P/BV: 2.0 times.
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