Wednesday, September 14, 2011

CIMB Research has technical sell on Maybank

KUALA LUMPUR: CIMB Equities Research has a technical sell on MALAYAN BANKING BHD [] at RM8.60'' at which it is trading at a FY12 price-to-earnings of 11.8 times and price-to-book value of 2.0 times.

It said on Wednesday, Sept 14 the'' recent countertrend rebound appears to have found strong resistance near its moving averages. The recent failure to breakout above them is likely negative for the stock.

'MACD has moderated a tad after 'testing' its zero line resistance while its RSI has turned downwards again after 'testing' the 50-pts mark.

'As the downtrend continues to play a part, there is a good chance that prices may continue on lower from here. Time to cash in now as we expect prices to weaken further towards RM7.50-RM7.75 levels next,' it said.

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