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.
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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