KUALA LUMPUR: CIMB Equities Research has a technical sell call on'' Axiata Group Bhd at RM4.59 at which it is trading at a FY12 price-to-earnings of 13.5 times and price-to-book value of 2.0 times.
It said on Thursday, Sept 29 that Axiata has remained below its 200-day SMA key support after prices tumbled in August. The fall is in line with our earlier call (Sept 5 issue) and the current rebound could soon turn lower from here.
CIMB Research said the MACD has stayed negative while its RSI is below its 50-60pts mark. Both indicators suggest that the technical landscape still tips the scale to the downside.
'The stock remains a sell now with a lower buy stop above RM4.84 from above RM5.05. We expect prices to test the August low of RM4.38. The next support is at RM4.20-RM4.05. After that, there is no strong support until RM3.50,' it said.
It said on Thursday, Sept 29 that Axiata has remained below its 200-day SMA key support after prices tumbled in August. The fall is in line with our earlier call (Sept 5 issue) and the current rebound could soon turn lower from here.
CIMB Research said the MACD has stayed negative while its RSI is below its 50-60pts mark. Both indicators suggest that the technical landscape still tips the scale to the downside.
'The stock remains a sell now with a lower buy stop above RM4.84 from above RM5.05. We expect prices to test the August low of RM4.38. The next support is at RM4.20-RM4.05. After that, there is no strong support until RM3.50,' it said.
No comments:
Post a Comment