KUALA LUMPUR: CIMB Equities Research has a technical sell on Malaysia Marine and Heavy Engineering at RM6.45 at which it is trading price-to-book value of 4.3 times.
It said on Tuesday, Sept 13 recent countertrend rebound was weak as prices barely touched the 23.6%
FR level. Yesterday's sharp fall, which dragged the candles below the flag channel, suggests that the bears are still strong here.
'MACD is rising but remains in the negative zone. This shows that any intermittent rebound could be short-lived. RSI is also heading south.
'Aggressive traders may start to lock in profits now while others should wait for a break below RM6.32, its August low, before going short. The candles need to swing past its 30-day SMA (now at RM6.84) before momentum starts to pick up again,' it said.
It said on Tuesday, Sept 13 recent countertrend rebound was weak as prices barely touched the 23.6%
FR level. Yesterday's sharp fall, which dragged the candles below the flag channel, suggests that the bears are still strong here.
'MACD is rising but remains in the negative zone. This shows that any intermittent rebound could be short-lived. RSI is also heading south.
'Aggressive traders may start to lock in profits now while others should wait for a break below RM6.32, its August low, before going short. The candles need to swing past its 30-day SMA (now at RM6.84) before momentum starts to pick up again,' it said.
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