KUALA LUMPUR: CIMB Equities Research has a Technical Sell on YINSON HOLDINGS BHD [] at RM1.92 at which it is trading at a price-to-book value of 1.0 times.
The research house said on Monday, Aug 15 Yinson broke below its medium term support channel recently. The correction also dragged prices below its 30-day SMA.
'Looking at the chart, we think this correction is not over yet. There is a minor support near its 50-day SMA at RM1.87. If this level fails to hold, RM1.75 will be the next target, followed by RM1.62 and RM1.50,' it said.
CIMB Research said selling on strength looks like a good option here, especially near the RM2.04 level.
'MACD is still falling while RSI is also below the 50pts mark. The deteriorating technical landscape does not bode well for the stock,' it said.
The research house said on Monday, Aug 15 Yinson broke below its medium term support channel recently. The correction also dragged prices below its 30-day SMA.
'Looking at the chart, we think this correction is not over yet. There is a minor support near its 50-day SMA at RM1.87. If this level fails to hold, RM1.75 will be the next target, followed by RM1.62 and RM1.50,' it said.
CIMB Research said selling on strength looks like a good option here, especially near the RM2.04 level.
'MACD is still falling while RSI is also below the 50pts mark. The deteriorating technical landscape does not bode well for the stock,' it said.
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