KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Genting PLANTATION []s at RM7.16, at which it is trading at a FY12 price-to-earnings of 13.3 times and price-to-book value of 1.8 times.
It said on Friday, Sept 23 that Genting Plantations's share price has been consolidating in a sideways manner for the past few weeks.
'Yet, we think the longer term trend continues to favour the bears. Looking at the chart, it appears that near term gains are likely capped at RM7.40 to RM7.60,' it said.
CIMB Research said the technical landscape remains subdued. MACD signal line is still hovering in the negative territory while RSI has hooked downward.
'Unless prices swing back above the RM7.60 level, we would rather stick with the bear's camp. On the downside, once the RM6.91 level is violated, prices should de-rate towards RM6.61 and RM6.40 next,' it said.
It said on Friday, Sept 23 that Genting Plantations's share price has been consolidating in a sideways manner for the past few weeks.
'Yet, we think the longer term trend continues to favour the bears. Looking at the chart, it appears that near term gains are likely capped at RM7.40 to RM7.60,' it said.
CIMB Research said the technical landscape remains subdued. MACD signal line is still hovering in the negative territory while RSI has hooked downward.
'Unless prices swing back above the RM7.60 level, we would rather stick with the bear's camp. On the downside, once the RM6.91 level is violated, prices should de-rate towards RM6.61 and RM6.40 next,' it said.
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