Wednesday, August 24, 2011

CIMB Research has technical Sell on Tenaga

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on TENAGA NASIONAL BHD [] at RM5.43 at which it is trading at a FY12 price-to-earnings of 14.3 times and price-to-book value of 1.4 times.

The research house said on Wednesday, Aug 24 Tenaga broke below its medium term support trend line few days ago.

'This could entice greater selling pressure in days to come. If we are right, the next downleg would drag prices towards RM5.20 and RM5.00 next,' it said.

CIMB Research said the technical landscape continues to deteriorate. MACD is hovering in the deep negative territory while RSI is also below the 30pts mark.

'As long as prices stay below the RM5.80 support-turned-resistance trend line, the bears will continue to dominate. Hence, selling into strength looks like a good option here. Near term gains are likely capped at RM5.52-RM5.68,' it said.

No comments:

Post a Comment