KUALA LUMPUR: CIMB Retail Research said Uchi'' Technologies' recent rally may be coming to an end.
'The black Marubuzo candle formed yesterday (April 4) suggests that the trend may have reversed. Prices need to fall below the RM1.40 level to confirm the reversal,' it said on Tuesday, April 5.
CIMB Research said technical landscape is deteriorating, further reinforcing our short term bearish view on the stock. MACD histogram bars are losing momentum fast while RSI too has hooked downward.
'Any rebound towards the RM1.49 high is a good level to sell into strength. Unless prices swing past the RM1.54 high, we would stick with the bear's camp for now. Meanwhile, next supports are RM1.27 and RM1.21,' it said.
'The black Marubuzo candle formed yesterday (April 4) suggests that the trend may have reversed. Prices need to fall below the RM1.40 level to confirm the reversal,' it said on Tuesday, April 5.
CIMB Research said technical landscape is deteriorating, further reinforcing our short term bearish view on the stock. MACD histogram bars are losing momentum fast while RSI too has hooked downward.
'Any rebound towards the RM1.49 high is a good level to sell into strength. Unless prices swing past the RM1.54 high, we would stick with the bear's camp for now. Meanwhile, next supports are RM1.27 and RM1.21,' it said.
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