KUALA LUMPUR: CIMB Equities Research has a technical sell call on AMMB HOLDINGS BHD [] at RM5.59 at which it is trading at a FY12 price-to-earnings of 10.4 times and price-to-book value of 1.6 times.
It said on Thursday, Oct 6 that prices broke below the key support trend line at RM6.00 in September to a
low of RM5.30, which was in line with its previous sell call on Sept 15.
CIMB Research said the current rebound has taken prices back up to retest the key support trend line (now resistance) but prices failed to close above.
'With both the indicators still in sell mode, we do not foresee a strong rally ahead. Any further rebound to retest the RM6.00 or thereabouts should be viewed as a chance to sell,' it said.
The research house said that as long as prices remain below RM6.00, the short term odds favour the bears. RM5.00-5.08 is next target below the recent swing low.
It said on Thursday, Oct 6 that prices broke below the key support trend line at RM6.00 in September to a
low of RM5.30, which was in line with its previous sell call on Sept 15.
CIMB Research said the current rebound has taken prices back up to retest the key support trend line (now resistance) but prices failed to close above.
'With both the indicators still in sell mode, we do not foresee a strong rally ahead. Any further rebound to retest the RM6.00 or thereabouts should be viewed as a chance to sell,' it said.
The research house said that as long as prices remain below RM6.00, the short term odds favour the bears. RM5.00-5.08 is next target below the recent swing low.
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