KUALA LUMPUR: CIMB Equities Research has a technical sell on Axiata Group at RM4.86 at which it is trading at a FY12 price-to-earnings of 14.3 times and price-to-book value of 2.2 times.
It said on Friday, Oct 28 that the rebound from its RM4.43 low reached the 61.8% FR of the July-August correction, suggesting that this upleg is probably coming to a temporary halt.
'Looking at the chart, prices also face strong resistance at the 200-day SMA. Indicators are showing signs of exhaustion. MACD histogram bars are losing pace while RSI has also flattened out,' it said.
CIMB Research said if prices fail to push above the RM5.01 level soon, expect selling pressure to intensify. This should drag prices back towards RM4.61 and RM4.43 next. Always put a buy stop at RM5.05, just in case.
It said on Friday, Oct 28 that the rebound from its RM4.43 low reached the 61.8% FR of the July-August correction, suggesting that this upleg is probably coming to a temporary halt.
'Looking at the chart, prices also face strong resistance at the 200-day SMA. Indicators are showing signs of exhaustion. MACD histogram bars are losing pace while RSI has also flattened out,' it said.
CIMB Research said if prices fail to push above the RM5.01 level soon, expect selling pressure to intensify. This should drag prices back towards RM4.61 and RM4.43 next. Always put a buy stop at RM5.05, just in case.
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