KUALA LUMPUR: CIMB Equities Research has a technical sell on GENTING BHD [] at RM10.02 at which it is trading at a FY 12 price-to-earnings of 11.8 times and price-to-book value of 2.2 times.
It said on Friday, Oct 14 that Genting broke below its double top neckline back in August and hit a low of RM8.37. The current rebound from the low has taken prices back up to retest this neckline support turned resistance band.
'Technical landscape is improving but both its MACD and RSI are now testing their own respective resistances. We would not be surprise if the indicators reverse from current levels,' it said.
CIMB Research said the odds favour a pullback from current levels. The RM10.00-RM10.20 resistance band would likely provide stiff resistance in the days ahead.
'A pullback towards RM9.40 is likely. However, a drop below would likely send prices falling towards RM8.37 again,' it said.
It said on Friday, Oct 14 that Genting broke below its double top neckline back in August and hit a low of RM8.37. The current rebound from the low has taken prices back up to retest this neckline support turned resistance band.
'Technical landscape is improving but both its MACD and RSI are now testing their own respective resistances. We would not be surprise if the indicators reverse from current levels,' it said.
CIMB Research said the odds favour a pullback from current levels. The RM10.00-RM10.20 resistance band would likely provide stiff resistance in the days ahead.
'A pullback towards RM9.40 is likely. However, a drop below would likely send prices falling towards RM8.37 again,' it said.
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