KUALA LUMPUR: CIMB Equities Research has a Sell on Hirotako Holding Bhd at RM2 where it is trading at a price-to-book value of 1.8 times.
The research house said in its technical outlook for the share price on Wednesday, April 27 that the uptrend from its September 2010 low is still intact but it is worried about the sustainability.
'At this juncture, we see RM2.09 as a level of significance. If prices fail to swing past this level over the next few days, expect greater selling pressure to set in,' it said.
The bearish divergence on the MACD indicator suggests that momentum is waning. RSI too is overbought.
'As near term gains are likely capped at RM2.09-2.15, we see any rebound as an opportunity to take profits. On the downside, support is at RM1.80, its 50-day SMA. There is also a minor support at RM1.95, its recent swing low,' it said.
The research house said in its technical outlook for the share price on Wednesday, April 27 that the uptrend from its September 2010 low is still intact but it is worried about the sustainability.
'At this juncture, we see RM2.09 as a level of significance. If prices fail to swing past this level over the next few days, expect greater selling pressure to set in,' it said.
The bearish divergence on the MACD indicator suggests that momentum is waning. RSI too is overbought.
'As near term gains are likely capped at RM2.09-2.15, we see any rebound as an opportunity to take profits. On the downside, support is at RM1.80, its 50-day SMA. There is also a minor support at RM1.95, its recent swing low,' it said.
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