KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Benalec Holdings at RM1.06 at which it is trading at a price-to-book value of 2.2 times.
It said on Wednesday, Sept 21 that after featuring Benalec as a technical sell stock on Sept 7, prices broke below the sideways channel.
'The current downtrend does not look complete yet and we expect the candles to fall towards RM1.00 next. The following support levels are 96 sen and 91 sen,' it said.
CIMB Research said the technical landscape is deteriorating fast. MACD signal line is falling deeper into the dungeon while RSI is below the 30pts mark.
'Our strategy here is to unload on strength, preferably near the RM1.10-RM1.14 levels. Prices need to swing back above the support-turned-resistance channel before we would re-evaluate our call,' it said.
It said on Wednesday, Sept 21 that after featuring Benalec as a technical sell stock on Sept 7, prices broke below the sideways channel.
'The current downtrend does not look complete yet and we expect the candles to fall towards RM1.00 next. The following support levels are 96 sen and 91 sen,' it said.
CIMB Research said the technical landscape is deteriorating fast. MACD signal line is falling deeper into the dungeon while RSI is below the 30pts mark.
'Our strategy here is to unload on strength, preferably near the RM1.10-RM1.14 levels. Prices need to swing back above the support-turned-resistance channel before we would re-evaluate our call,' it said.
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