Tuesday, October 11, 2011

CIMB Research has technical sell on Perisai Petroleum

KUALA LUMPUR: CIMB Equities Research has a technical sell on PERISAI PETROLEUM TEKNOLOGI [] at 53.5 sen at which it is trading at a FY12 price-to-earnings of 4.8 times and price-to-book value of 1.4 times.

It said on Tuesday, Oct 11 the recent move off the 45.5 sen low have yet to show any impulsive characteristics, which suggests that it is only a corrective move. Prices are now rising into strong resistance band, which was previously its support.

'With its indicators still looking mildly positive, prices could continue to nudge higher. However, prices are likely to find the 55.5 sen and 60 sen resistance tough to beat.

'The stock is still a technical sell but less aggressive traders should only sell on rebounds towards the resistance mentioned above. A retest of the low of 45.5 sen is still the more likely outcome,' it said.

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