KUALA LUMPUR: CIMB Research has Technical Sell on Wijaya Baru Global at 62 sen at which it is trading at a price-to-book value of 0.4 times.
The research house said on Friday, Sept 2 after featuring Wijaya Baru Global as a technical buy stock on Aug 15,'' prices rallied to a high of 77 sen. This rebound, however, has failed to take out its previous peak of 78.5 sen.
'A double top pattern may be in the making. Hence, traders should stay vigilant here. Once the 50-day SMA (now at 58.5 sen) is taken out, prices are likely to fall towards its neckline support at 52 sen.
'Technical landscape is weak. MACD histogram bars have slipped into the red while RSI has also hooked downward. Hence, selling into strength looks like a good option here. Put a buy stop at 65 sen to 71.5 sen, just in case,' CIMB Research said.
The research house said on Friday, Sept 2 after featuring Wijaya Baru Global as a technical buy stock on Aug 15,'' prices rallied to a high of 77 sen. This rebound, however, has failed to take out its previous peak of 78.5 sen.
'A double top pattern may be in the making. Hence, traders should stay vigilant here. Once the 50-day SMA (now at 58.5 sen) is taken out, prices are likely to fall towards its neckline support at 52 sen.
'Technical landscape is weak. MACD histogram bars have slipped into the red while RSI has also hooked downward. Hence, selling into strength looks like a good option here. Put a buy stop at 65 sen to 71.5 sen, just in case,' CIMB Research said.
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