Wednesday, November 30, 2011

CIMB Research has technical sell on MMHE at RM5.55

KUALA LUMPUR (Nov 30): CIMB Equities Research has a technical sell on Malaysia Marine and Heavy Engineering at RM5.55 at which it is trading at a price-to-book value of 1.7 times.

It said on Wednesday the rebound from its October's low may have exhausted. 'Prices failed to swing above the 38.2% FR level, suggesting that this rebound is a weak one. Moreover, the candles are trading below all its key moving averages,' it said.

CIMB Research advised traders to unload on strength looks like a good option here, especially near the RM5.90-5.97 resistances. Put a buy stop at RM6.00, just in case.

'MACD has slipped into the negative territory while RSI has hooked downward. Support levels are seen at RM5.30 and RM5.00,' it said.

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