Wednesday, April 6, 2011

CIMB Research: Malton's rebound looks exhausted

KUALA LUMPUR: CIMB Equities Research said property-based Malton's countertrend rebound from its March low looked exhausted.

'The rebound lost its momentum near the 61.8% FR level and we think a deeper correction is imminent,' it said on Wednesday, April 6.

It said the technical landscape is showing signs of exhaustion. MACD has flattened out while RSI too has hooked downward. A break below its 50-day SMA would confirm that the uptrend is likely over.

CIMB Research said as long as prices stay below the 74 sen level, it would rather stick with the bear's camp. Support is seen at 67.5 sen, 63 sen and 60 sen. Always put a buy stop at 76 sen, just in case.

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