KUALA LUMPUR: CIMB Equities Research has a technical sell on RHB Capital at RM7.72 at which it is trading at a price-to-earnings of 9.2 times and price-to-book value of 1.6 times.
The research house said on Monday, Sept 26 that RHB Capital broke below its triangle support last week.
'Looking at the chart, we believe the trend is still down. Although intermittent rebound could take place, resistance at RM7.89-RM8.17 would likely keep the bulls at bay,' it said.
CIMB Research said prices need to swing past the recent high of RM8.54 to conclude that the downtrend is over. Technical indicators are also bearish. MACD histogram bars have turned negative while RSI is now below the 30pts mark.
'Sell into strength looks like a good option. Once the RM7.55 level fails to hold, expect prices to fall towards RM7.25 and RM6.90 next,' it said.
The research house said on Monday, Sept 26 that RHB Capital broke below its triangle support last week.
'Looking at the chart, we believe the trend is still down. Although intermittent rebound could take place, resistance at RM7.89-RM8.17 would likely keep the bulls at bay,' it said.
CIMB Research said prices need to swing past the recent high of RM8.54 to conclude that the downtrend is over. Technical indicators are also bearish. MACD histogram bars have turned negative while RSI is now below the 30pts mark.
'Sell into strength looks like a good option. Once the RM7.55 level fails to hold, expect prices to fall towards RM7.25 and RM6.90 next,' it said.
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