KUALA LUMPUR: CIMB Equities Research has a Sell on Syarikat Takaful Malaysia at RM1.83 at which it is trading at a price-to-book value of 0.7 times.
It said on Monday, June 13 the stock broke below its triangle support on Friday, suggesting that the uptrend from its March low is probably coming to an end. If prices fail to hold on above the RM1.80 level, expect selling pressure to intensify.
'Although prices could still bounce a tad higher, sustainability remains a key issue here. Near term gains are likely capped at RM1.87-1.92. We will only review our call if prices surpass its previous high of RM1.99,' it said.
CIMB Research said traders should wait for a crack below RM1.80 before carrying out any sell order. This is to prevent the occurrence of bear trap. Alternatively, one may unload some position near the stipulated resistance zone. On the downside, support is at RM1.72 and RM1.65.
It said on Monday, June 13 the stock broke below its triangle support on Friday, suggesting that the uptrend from its March low is probably coming to an end. If prices fail to hold on above the RM1.80 level, expect selling pressure to intensify.
'Although prices could still bounce a tad higher, sustainability remains a key issue here. Near term gains are likely capped at RM1.87-1.92. We will only review our call if prices surpass its previous high of RM1.99,' it said.
CIMB Research said traders should wait for a crack below RM1.80 before carrying out any sell order. This is to prevent the occurrence of bear trap. Alternatively, one may unload some position near the stipulated resistance zone. On the downside, support is at RM1.72 and RM1.65.
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