KUALA LUMPUR: CIMB Equities Research has a technical sell call on Unisem Holdings Bhd at RM1.36 at which it is trading at a FY12 price-to-earnings of 10.5 times and at a price-to-book value of 0.9 times.
It said on Monday, Aug 8 that Friday's setback suggests that the triangle pattern has failed. This implies
that the stock could still go down in the near term. Next support levels are seen at RM1.27 and RM1.20.
'Therefore, traders should do well selling into strength, preferably near the RM1.38-RM1.46 resistances. The bears have the upper hand here. MACD signal line is in the red while RSI is oversold. The candles need to surpass its moving averages to negate this bearish stance,' it said.
It said on Monday, Aug 8 that Friday's setback suggests that the triangle pattern has failed. This implies
that the stock could still go down in the near term. Next support levels are seen at RM1.27 and RM1.20.
'Therefore, traders should do well selling into strength, preferably near the RM1.38-RM1.46 resistances. The bears have the upper hand here. MACD signal line is in the red while RSI is oversold. The candles need to surpass its moving averages to negate this bearish stance,' it said.
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