KUALA LUMPUR (Dec 14): CIMB Equities Research has a technical sell on TDM BHD [] at RM3.68 at which it is trading at a price-to-book value of 1.1 times.
It said on Wednesday the rally from its October's low may have exhausted. Prices hit a high of RM3.95 before selling pressure started to set in.
The research house said that on Tuesday, the stock even violated its triangle support, another sign of more weakness ahead.
'Indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also fallen from its peak.
'Traders should do well unload on strength, especially near the RM3.72-2.81 resistances. Only a swing above RM3.95 would prompt us to review our call. On the downside, support is seen at RM3.45 and RM3.20,' said CIMB Research.
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It said on Wednesday the rally from its October's low may have exhausted. Prices hit a high of RM3.95 before selling pressure started to set in.
The research house said that on Tuesday, the stock even violated its triangle support, another sign of more weakness ahead.
'Indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also fallen from its peak.
'Traders should do well unload on strength, especially near the RM3.72-2.81 resistances. Only a swing above RM3.95 would prompt us to review our call. On the downside, support is seen at RM3.45 and RM3.20,' said CIMB Research.
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