Friday, September 23, 2011

CIMB Research has Technical Sell on Genting

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on GENTING BHD [] at RM8.80, at which it is trading at a FY12 price-to-earnings of 10.4 times and price-to-book value of 1.9 times.

It said on Friday, Sept 23 that Genting's share price broke below its triangle support early this week and this has drawn investors into selling mode on Thursday.

'As the candles deviate further away from its key moving averages, we think the near term trend is firmly down. The following support levels are RM8.50 and RM8.20,' it said.

CIMB Research said the MACD histogram bars have turned negative while RSI has also hooked downward. Beware of the next downleg as it could be sharp.

'Any rebound is an opportunity to take profit. The gap at RM9.23-RM9.28 would likely keep the bulls at bay for now. Put a buy stop at RM9.39, just in case,' it said.

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