Tuesday, September 20, 2011

CIMB Research has Technical Sell on MMHE

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Malaysia Marine and Heavy Engineering (MMHE) at RM6.13 at which it is trading at a price-to-book value of 4.1 times.

It said on Tuesday, Sept 20 that after featuring MMHE as a technical sell stock on Sept 13, prices broke below its previous low of RM6.32.

'Looking at the chart, we think there is still room to the downside and traders should continue to stick with the bear's camp,' it said.

CIMB Research said the MACD is hovering in the negative territory while RSI is now below the 30pts mark. This further reinforces its bearish view on the stock.

'The next downleg should push prices lower towards RM5.86 and RM5.55. Unless prices can climb back above its 30-day SMA, any rebound is likely an opportunity to take profits,' it said.

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