KUALA LUMPUR: CIMB Retail Research has a Sell on Mulpha International at 53 sen at which it is trading at a price-to-book value of 0.4 times.
It said on Wednesday, April 13 the countertrend rebound from its March low looks exhausted. Recent pullback dragged the candles towards the support trend line and 'we think selling pressure is picking up fast'.
CIMB Research said if prices fall below the 50-day SMA on Wednesday, the next key support is its 200-day SMA at 48.5 sen.
'Hence, we see any rebound as an opportunity to take profit. Meanwhile, resistance is seen at 55 sen to 60 sen.
Technical landscape is deteriorating. MACD histogram bars are losing steam while RSI too has hooked downward,' it said.
It said on Wednesday, April 13 the countertrend rebound from its March low looks exhausted. Recent pullback dragged the candles towards the support trend line and 'we think selling pressure is picking up fast'.
CIMB Research said if prices fall below the 50-day SMA on Wednesday, the next key support is its 200-day SMA at 48.5 sen.
'Hence, we see any rebound as an opportunity to take profit. Meanwhile, resistance is seen at 55 sen to 60 sen.
Technical landscape is deteriorating. MACD histogram bars are losing steam while RSI too has hooked downward,' it said.
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