KUALA LUMPUR: CIMB Equities Research has a technical sell call on KPJ Healthcare at RM4.13 at which it is trading at a price-to-book value of 2.9 times.
The research house said on Monday, Oct 10 the rebound from its RM3.76 low may have exhausted. Prices hit the 38.2% FR level and the bears have since re-surfaced.
'Looking at the chart, we believe that the 50-day SMA would also keep the bulls at bay. The 61.8% FR level at RM4.35 is another strong resistance level,' it said.
CIMB Research said sell into strength looks like a good option here, especially near the RM4.19-RM4.35 levels.
'We may only review our call when the candles swing above all its key moving averages. On the downside, a slip below RM4.05 would likely drag prices towards RM3.88 and RM3.76 next,' it said.
The research house said on Monday, Oct 10 the rebound from its RM3.76 low may have exhausted. Prices hit the 38.2% FR level and the bears have since re-surfaced.
'Looking at the chart, we believe that the 50-day SMA would also keep the bulls at bay. The 61.8% FR level at RM4.35 is another strong resistance level,' it said.
CIMB Research said sell into strength looks like a good option here, especially near the RM4.19-RM4.35 levels.
'We may only review our call when the candles swing above all its key moving averages. On the downside, a slip below RM4.05 would likely drag prices towards RM3.88 and RM3.76 next,' it said.
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