KUALA LUMPUR: CIMB Retail Research has a Sell on UZMA BHD [] at RM2.06 as the recent countertrend rebound lifted prices towards its 50% FR level.
In its technical outlook issued on Monday, April 18, it said since then, selling pressure has slowly crept in.
'Looking at the chart, we think traders ought to be cautious here. The 30-day SMA has cut below the longer term 50-day SMA, which is a worrying sign.
'MACD has flattened out while its RSI is also gyrating sideways. We think near term gains are likely capped, probably at around RM2.11-RM2.15,' it said.
CIMB Research said traders should use any rebound towards the stipulated resistance zone to sell into strength. Next support is at RM1.95 followed by RM1.84 next.
In its technical outlook issued on Monday, April 18, it said since then, selling pressure has slowly crept in.
'Looking at the chart, we think traders ought to be cautious here. The 30-day SMA has cut below the longer term 50-day SMA, which is a worrying sign.
'MACD has flattened out while its RSI is also gyrating sideways. We think near term gains are likely capped, probably at around RM2.11-RM2.15,' it said.
CIMB Research said traders should use any rebound towards the stipulated resistance zone to sell into strength. Next support is at RM1.95 followed by RM1.84 next.
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