KUALA LUMPUR: CIMB Equities Research has a Technical Sell on RHB CAPITAL BHD [] at RM8.31 at which it is trading at a FY12 price-to-earnings of 9.9 times and price-to-book value of 1.7 times.
It said on Monday, Sept 5 prices continued to fall and break support lines easily since hitting a high of RM10.40 in June.
The most recent drop took out the 200-day SMA as well as the minor support trend line. It is now likely to test the last line of support at RM7.95.
'MACD is at its 3-year low while its RSI is no longer oversold. Both indicators suggest that there is still room on the downside in the weeks ahead.
'Traders and investors alike should get out of the stock is the RM7.95 support gives way. A break below would likely send prices reeling towards RM6.90 next. Upside resistance is at RM8.80-RM8.90,' it said.
It said on Monday, Sept 5 prices continued to fall and break support lines easily since hitting a high of RM10.40 in June.
The most recent drop took out the 200-day SMA as well as the minor support trend line. It is now likely to test the last line of support at RM7.95.
'MACD is at its 3-year low while its RSI is no longer oversold. Both indicators suggest that there is still room on the downside in the weeks ahead.
'Traders and investors alike should get out of the stock is the RM7.95 support gives way. A break below would likely send prices reeling towards RM6.90 next. Upside resistance is at RM8.80-RM8.90,' it said.
No comments:
Post a Comment