Friday, September 9, 2011

CIMB Research has technical sell on TSH

KUALA LUMPUR: CIMB Equities Research has a technical sell on TSH RESOURCES BHD [] at RM3.21 at which it is trading at a price-to-book value of 1.6 times.

It said on Friday, Sept 9 that it appears that TSH may have peaked at RM3.25. The bulls tried to take on this resistance on four occasions and have failed.

'Hence, we see any rebound towards RM3.25 as an opportunity to reduce holdings,' it said.

CIMB Research said the bearish divergence on its MACD indicator shows that follow through momentum has weakened. RSI too has hooked downward.

'The bears seem to have the upper hand here. The next downleg is likely to drag prices towards RM3.00 and RM2.85. However, put a buy stop at RM3.30, just in case,' it said.

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