Tuesday, September 20, 2011

CIMB Research has Technical Sell on MPHB

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Multi-Purpose Holdings (MPHB) at RM2.59 at which it is trading at price-to-book value of 1.3 times.

It said on Tuesday, Sept 20 that MPHB'' is trading below all its key moving averages. If the triangle support fails to hold, we expect next downleg to be steep. A slip below RM2.51 would push prices towards RM2.43 and RM2.35.

'Technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI is below the 50pts mark.

'Our strategy here is to unload on strength, especially near the RM2.68-RM2.80 resistances. Only a rise above RM2.80 would prompt us to review our call,' it said.

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