KUALA LUMPUR: CIMB Equities Research has a technical sell on IOI CORPORATION BHD [] at RM4.36 at which it is trading at a FY12 price-to-earnings of 12.8 times and price-to-book value of 2.3 times.
The research house said on Tuesday, Sept 27 that IOI broke below the triangle pattern on Monday. This shows that the recent base-building effort has failed.
Another black candle on Tuesday would likely send prices lower towards RM4.26, RM4.05 and RM3.90 next.
CIMB Research said the MACD signal line has staged a dead cross while RSI has also hooked downward. The waning technical reading suggests that the next downleg has begun.
'Aggressive traders should lock in profits now while others should wait for a break below RM4.26 before going into selling mode. Put a buy stop at between RM4.51-RM4.84, just in case,' it said.
The research house said on Tuesday, Sept 27 that IOI broke below the triangle pattern on Monday. This shows that the recent base-building effort has failed.
Another black candle on Tuesday would likely send prices lower towards RM4.26, RM4.05 and RM3.90 next.
CIMB Research said the MACD signal line has staged a dead cross while RSI has also hooked downward. The waning technical reading suggests that the next downleg has begun.
'Aggressive traders should lock in profits now while others should wait for a break below RM4.26 before going into selling mode. Put a buy stop at between RM4.51-RM4.84, just in case,' it said.
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