KUALA LUMPUR: CIMB Equities Research has a Technical Sell on YTL Land & Development at RM1.24 at which it is trading at a price-to-book value of 2.0 times.
In its technical outlook for the stock on Thursday, Aug 18, it pointed out that YTL Land violated its wedge support few weeks ago.
'Although a base may have been formed, we think it is too early to turn positive as prices are still struggling below its key moving averages,' it said.
CIMB Research said there is still a possibility that prices may continue to dwindle. If this happens, the candles are likely to dive towards RM1.15 and RM1.08 next. Hence, selling near the RM1.32-1.35 resistance levels look like a good option here.
'Indicators remain lethargic. MACD is still hovering in the negative territory while RSI is below the 30pts mark,' it said.
In its technical outlook for the stock on Thursday, Aug 18, it pointed out that YTL Land violated its wedge support few weeks ago.
'Although a base may have been formed, we think it is too early to turn positive as prices are still struggling below its key moving averages,' it said.
CIMB Research said there is still a possibility that prices may continue to dwindle. If this happens, the candles are likely to dive towards RM1.15 and RM1.08 next. Hence, selling near the RM1.32-1.35 resistance levels look like a good option here.
'Indicators remain lethargic. MACD is still hovering in the negative territory while RSI is below the 30pts mark,' it said.
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