KUALA LUMPUR: CIMB Research has a Sell into strength on Proton Holdings at RM4.42. It is trading at FY11P/E of 7.4 times, P/BV: 0.5 times.
It said on Thursday, July 1 Proton broke below its rising wedge support on Wednesday. This would likely weigh down on its share price performances.
'As prices are also below its key moving averages, we expect the 200-day SMA (now at RM4.24) to be tested soon,' it said.
CIMB Research said the technical landscape looks fragile. MACD has slipped into the negative territory while its RSI is also falling towards the lower band of the neutral zone.
Once the RM4.24 level gives way, next downside supports are RM4.00, RM3.80 and RM3.63. Use any rebound towards RM4.52-RM4.77 to sell into strength as it believes RM5.03 (its 52-week high) is likely its medium term high.
It said on Thursday, July 1 Proton broke below its rising wedge support on Wednesday. This would likely weigh down on its share price performances.
'As prices are also below its key moving averages, we expect the 200-day SMA (now at RM4.24) to be tested soon,' it said.
CIMB Research said the technical landscape looks fragile. MACD has slipped into the negative territory while its RSI is also falling towards the lower band of the neutral zone.
Once the RM4.24 level gives way, next downside supports are RM4.00, RM3.80 and RM3.63. Use any rebound towards RM4.52-RM4.77 to sell into strength as it believes RM5.03 (its 52-week high) is likely its medium term high.
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