Thursday, October 27, 2011

CIMB Research has technical sell on Bina Goodyear

KUALA LUMPUR: CIMB Equities Research has a technical sell on Bina Goodyear at 67 sen at which it is trading at a price-to-book value of 0.5 times.

It said on Thursday, Oct 27 that the recent countertrend rebound may have exhausted. Prices hit a snag at the 50-day SMA and the bears have since become more aggressive.

'If the 30-day SMA fails to hold, there is a high possibility that the 74 sen high is likely its near term peak.

'Indicators are beginning to show signs of exhaustion. MACD histogram bars are easing while RSI has hooked downward. The next support levels are 64 sen and 55.5 sen,' it said.

CIMB Research said traders should do well selling into strength, especially near the 72 sen to 74 sen resistances. It would only review its call if 74 sen is taken out.

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