Monday, September 5, 2011

CIMB Research has Technical Sell on Faber

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Faber Group at RM1.68 at which it is trading at a price-to-book value of 1.3 times.

It said on Monday, Sept 5 prices remained firmly below its moving averages despite the valiant effort by the bulls in the past five months.

CIMB Research said the technical landscape remains lethargic as its MACD just reconfirmed its dead crossover within the negative territory while RSI is now moved back into oversold territory.

'We believe that investors should get out now as a break below RM1.57 would be detrimental for the short and medium term outlook.

'Any close below this key support would mean that prices are likely to head towards RM1.34 next. Resistance is at RM1.88-1.95, its moving averages and RM2,' it said.

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