KUALA LUMPUR: CIMB Equities Research has a Technical Sell on TEBRAU TEGUH BHD [] at 59.5 sen at which it is trading at a price-to-book value of 0.8 times.
It said on Tuesday, Aug 23 the stock has been trading in a lethargic mode after prices violated its triangle support. Buyers were reluctant to make a comeback as the candles are trading below all its key moving averages.
'We, too, choose to stick with the bear's camp for now,' it said, adding there is a good chance that prices may fall below its previous swing low of 56.5 sen.
CIMB Research said traders should only go short when this level is breached. This is to mitigate potential risk of a bear's trap.
'If the 56.5 sen level is violated, the next downleg should drag prices towards 50 sen and 45 sen. Only a rise above 65.5 sen would prompt us to review our call,' it said.
It said on Tuesday, Aug 23 the stock has been trading in a lethargic mode after prices violated its triangle support. Buyers were reluctant to make a comeback as the candles are trading below all its key moving averages.
'We, too, choose to stick with the bear's camp for now,' it said, adding there is a good chance that prices may fall below its previous swing low of 56.5 sen.
CIMB Research said traders should only go short when this level is breached. This is to mitigate potential risk of a bear's trap.
'If the 56.5 sen level is violated, the next downleg should drag prices towards 50 sen and 45 sen. Only a rise above 65.5 sen would prompt us to review our call,' it said.
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