KUALA LUMPUR: CIMB Equities Research has a technical Sell on Masterskill Education Group Bhd (MEGB) at RM1.69 at which is its trading at a FY12 price-to-earnings of 5.0 times and price-to-book value of 1.3 times.
It said on Wednesday, Aug 10 that trading has been lethargic since prices violated its triangle support. With the candles still trading below all its key moving averages, it doubted any rebound would be sustainable.
'Hence, our strategy here is to unload on strength, preferably near the RM1.80-RM1.82 resistances,' it said.
CIMB Research said the indicators were still showing signs of consolidation. MACD has slipped into the negative territory while RSI is oversold.
'Unless prices swing back above its 30-day SMA now at RM1.93, we think the bears have the upper hand here. On the downside, support is seen at RM1.59 and RM1.45,' it said.
It said on Wednesday, Aug 10 that trading has been lethargic since prices violated its triangle support. With the candles still trading below all its key moving averages, it doubted any rebound would be sustainable.
'Hence, our strategy here is to unload on strength, preferably near the RM1.80-RM1.82 resistances,' it said.
CIMB Research said the indicators were still showing signs of consolidation. MACD has slipped into the negative territory while RSI is oversold.
'Unless prices swing back above its 30-day SMA now at RM1.93, we think the bears have the upper hand here. On the downside, support is seen at RM1.59 and RM1.45,' it said.
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