KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Axiata Group Bhd at RM4.70 at which it is trading at a FY12 price-to-earnings of 12.7 times and price-to-book value of 2.1 times.
It said on Monday, Sept 5 Axiata tumbled below its 200-day SMA key support a couple of weeks ago after the bulls failed to clear the RM5.00-RM5.05 resistance levels and the recent fall was in line with its'' Aug 19 call.
'Technical landscape remains very gloomy its MACD is now at its three-year low. We would not be surprise if further selling occurred in the coming days if not weeks,' it said.
CIMB Research said the stock remains a sell now with a stop placed above RM5.05. One can also place their stop above the 200-day SMA at RM4.86.
'We expect prices to test the recent low of RM4.43. The next support is at RM4.20-RM4.05. After that, there is no strong support until RM3.50,' it said.
It said on Monday, Sept 5 Axiata tumbled below its 200-day SMA key support a couple of weeks ago after the bulls failed to clear the RM5.00-RM5.05 resistance levels and the recent fall was in line with its'' Aug 19 call.
'Technical landscape remains very gloomy its MACD is now at its three-year low. We would not be surprise if further selling occurred in the coming days if not weeks,' it said.
CIMB Research said the stock remains a sell now with a stop placed above RM5.05. One can also place their stop above the 200-day SMA at RM4.86.
'We expect prices to test the recent low of RM4.43. The next support is at RM4.20-RM4.05. After that, there is no strong support until RM3.50,' it said.
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