KUALA LUMPUR: CIMB Retail Research said Dayang Enterprise is hovering at the upper end of its rising channel.
It said on Wednesday, Aug 11 that although an upside breakout is possible, it sees this as a low probability scenario at this juncture. Previous failed attempts indicated that bears were strong here, and this should undermine any recovery efforts.
'Technical landscape looks exhausted at the moment. MACD histogram bars have turned negative while its RSI has also violated its key support level, last at 51.
'As long as prices stay below RM2.18, the Head and Shoulder pattern remains in effect. This is another reason for us to stick with the bear's camp. Sell into strength with support seen at RM1.92, RM1.83 and RM1.70,' it said.
At RM2.05, it is trading at FY11P/E of 9.2 times and P/BV of 2.1 times.
It said on Wednesday, Aug 11 that although an upside breakout is possible, it sees this as a low probability scenario at this juncture. Previous failed attempts indicated that bears were strong here, and this should undermine any recovery efforts.
'Technical landscape looks exhausted at the moment. MACD histogram bars have turned negative while its RSI has also violated its key support level, last at 51.
'As long as prices stay below RM2.18, the Head and Shoulder pattern remains in effect. This is another reason for us to stick with the bear's camp. Sell into strength with support seen at RM1.92, RM1.83 and RM1.70,' it said.
At RM2.05, it is trading at FY11P/E of 9.2 times and P/BV of 2.1 times.
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