KUALA LUMPUR: CIMB Equities Research has a technical Sell on Zelan at 38.5 sen, at which it is trading at a price-to-book value of 0.8 times.
It said on Monday, July 4 that after it had violated the wedge support, the bulls tried to make a comeback.
However, sellers at the resistance channel proved a tad too strong. Last Friday's bearish engulfing pattern suggests that the selling climate is not over yet.
'Technical landscape remains lethargic. MACD is still hovering in the negative territory while RSI has hooked downward. Near term gains are likely capped at 41 sen to 42 sen.
CIMB Research said that sell into strength looks like a good option here. Once the 36 sen level is breached, expect prices to fall towards 33 sen and 30 sen. Only a swing above 43 sen would prompt it to review its call.
It said on Monday, July 4 that after it had violated the wedge support, the bulls tried to make a comeback.
However, sellers at the resistance channel proved a tad too strong. Last Friday's bearish engulfing pattern suggests that the selling climate is not over yet.
'Technical landscape remains lethargic. MACD is still hovering in the negative territory while RSI has hooked downward. Near term gains are likely capped at 41 sen to 42 sen.
CIMB Research said that sell into strength looks like a good option here. Once the 36 sen level is breached, expect prices to fall towards 33 sen and 30 sen. Only a swing above 43 sen would prompt it to review its call.
No comments:
Post a Comment