KUALA LUMPUR: CIMB Equities Research has a technical sell call on property developer KSL HOLDINGS BHD [] at RM1.72 at which it is trading at a price-to-book value of 0.7 times.
It said on Monday, Aug 8 KSL violated its key support trend line last week. The pullback also dragged the candles below all its key moving averages. Looking at the chart, it seems that a renewed downtrend channel is forming.
CIMB Research said the technical landscape is weak. MACD has slipped into the negative territory while RSI has hooked downward.
'Selling pressure will accelerate in the coming days if the candles fail to swing back above the 200-day SMA soon,' it said.
CIMB Research said its strategy here is to unload on strength, preferably near the RM1.75 to RM1.82 resistances. On the downside, support can be found at RM1.64 and RM1.58. Put a buy stop at RM1.88, just in case.
It said on Monday, Aug 8 KSL violated its key support trend line last week. The pullback also dragged the candles below all its key moving averages. Looking at the chart, it seems that a renewed downtrend channel is forming.
CIMB Research said the technical landscape is weak. MACD has slipped into the negative territory while RSI has hooked downward.
'Selling pressure will accelerate in the coming days if the candles fail to swing back above the 200-day SMA soon,' it said.
CIMB Research said its strategy here is to unload on strength, preferably near the RM1.75 to RM1.82 resistances. On the downside, support can be found at RM1.64 and RM1.58. Put a buy stop at RM1.88, just in case.
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