KUALA LUMPUR: CIMB Retail Research said the recent countertrend rebound on PROTON HOLDINGS BHD []'s share price was weak.
It said in its technical outlook on Tuesday, March 29 that Proton's share price failed to reach the 23.6% FR evel.
'Looking at the chart, there is a high possibility that prices may retest its previous low of RM3.16 again. If this level fails to hold, the following support levels are RM2.90 and RM2.60,' it said.
CIMB Research said MACD was still in the red while RSI remained in a consolidation mode. Even if prices rebounded a tad higher, sustainability remains a concern. Near term gains are likely capped at RM3.47-RM3.59.
'We view any rebound as an opportunity to take profit. Unless the candles swing above its 30-day SMA (now at RM3.66), we would rather stick with the bear's camp,' it said.
It said in its technical outlook on Tuesday, March 29 that Proton's share price failed to reach the 23.6% FR evel.
'Looking at the chart, there is a high possibility that prices may retest its previous low of RM3.16 again. If this level fails to hold, the following support levels are RM2.90 and RM2.60,' it said.
CIMB Research said MACD was still in the red while RSI remained in a consolidation mode. Even if prices rebounded a tad higher, sustainability remains a concern. Near term gains are likely capped at RM3.47-RM3.59.
'We view any rebound as an opportunity to take profit. Unless the candles swing above its 30-day SMA (now at RM3.66), we would rather stick with the bear's camp,' it said.
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