Friday, July 23, 2010

CIMB Research: Sell Jetson on rebound

KUALA LUMPUR: CIMB Retail Research advises investors to use any rebound in Kumpulan Jetson's shares to unload on strength as it believes there is still room to the downside. Put a buy stop at RM1.60, just in case.

It a technical outlook report issued on Friday, July 23 that an earlier rebound lifted prices close to its 38.2% Fibonacci Retracement level but momentum seems to be losing pace.

'At present, the candles have dwindled below its key SMAs and medium term outlook is turning bearish. Unless it can swing back above RM1.58, otherwise prices could retest the previous low of RM1.11 again,' it said.

CIMB Research said despite the recent rebound, MACD stays in the negative territory. This implies that price action still favour the bears. With its RSI also staying below the 50pts mark, it said it should see a short term reversal in price.

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