KUALA LUMPUR: CIMB Equities Research said following its SELL rating on June 10, Kumpulan Europlus' share price plunged to a low of 64.5 sen before bouncing back to current levels of 90.5 sen.
'We think this is likely a dead cat bounce, and prices should revert to its earlier downtrend channel soon,' it said on Wednesday, June 30.
It said bearish divergences were seen on both the MACD and RSI indicators, suggesting that follow through momentum is waning. Near term gains would likely be capped at RM1.00-RM1.03.
A fall below its 30-day SMA at 75.5 sen would confirm the bearish turnaround. If this level is violated, next downside targets are 70 sen and 64.5'' sen. Put a buy stop at RM1.05, just in case.
Kumpulan Euro provides CONSTRUCTION [] contracting services as well as designs, constructs, and develops west-coast expressway project.
'We think this is likely a dead cat bounce, and prices should revert to its earlier downtrend channel soon,' it said on Wednesday, June 30.
It said bearish divergences were seen on both the MACD and RSI indicators, suggesting that follow through momentum is waning. Near term gains would likely be capped at RM1.00-RM1.03.
A fall below its 30-day SMA at 75.5 sen would confirm the bearish turnaround. If this level is violated, next downside targets are 70 sen and 64.5'' sen. Put a buy stop at RM1.05, just in case.
Kumpulan Euro provides CONSTRUCTION [] contracting services as well as designs, constructs, and develops west-coast expressway project.
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