Tuesday, November 29, 2011

CIMB Research has technical sell on Gamuda at RM2.99

KUALA LUMPUR (Nov 29): CIMB Equities Research has a technical sell on GAMUDA BHD [] at RM2.99 at which it is trading at a FY13 price-to-earnings of 10.7 times and price-to-book value of 1.7 times.

The research house said on Tuesday Gamuda violated the flag support few days ago. Prices also slipped below its 30-day and 50-day SMAs along the way.

'Looking at the chart, we think the current consolidation could last a while longer. Traders should use any rebound to unload on strength as near term gains are likely capped at RM3.07-3.21. The odds will continue to favour the bears as long as the candles stay below these levels. Next supports are RM2.80 and RM2.63,' it said.

CIMB Research said the indicators show negative trends. MACD signal line has slipped into the negative territory while RSI is below the 50pts mark.

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