KUALA LUMPUR: CIMB Equities Research has a technical sell on BOUSTEAD HOLDINGS BHD [] at RM5.28'' at which it is trading at a FY12 price-to-earnings of 10.6 times and price-to-book value of 1.1 times.
It said on Wednesday, Sept 14 Boustead appears to be sitting precariously above its key support at RM5.20.
'Any deep violation of this support would be very negative for the stock,' it said.
CIMB Research said the technical landscape is deteriorating after prices tumbled through its bearish flag pattern. MACD is about to reconfirm its sell signal while its RSI has already turned and moved lower.
'As long as prices remain below its 30-day and 50-day SMA, we remain bearish on the stock. A break below RM5.20 would likely send prices reeling towards RM4.70 and RM4.40 next,' it said.
It said on Wednesday, Sept 14 Boustead appears to be sitting precariously above its key support at RM5.20.
'Any deep violation of this support would be very negative for the stock,' it said.
CIMB Research said the technical landscape is deteriorating after prices tumbled through its bearish flag pattern. MACD is about to reconfirm its sell signal while its RSI has already turned and moved lower.
'As long as prices remain below its 30-day and 50-day SMA, we remain bearish on the stock. A break below RM5.20 would likely send prices reeling towards RM4.70 and RM4.40 next,' it said.
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