CIMB Research has technical sell on Perisai Petroleum at 84.5 sen

KUALA LUMPUR (Feb 9): CIMB Equities Research has a technical sell on PERISAI PETROLEUM TEKNOLOGI [] at 84.5
sen at which it is trading at a FY13 price-to-earnings of 7.0 times and price-to-book value of 2.1 times.
It said on Thursday that it believes that it is time to lock in profits following its previous buy call on the stock.
“Prices have reached the targeted 84 sen to 88 sen levels and the candles are beginning to shrink, showing a lack of
volatility,” it said.
CIMB Research said the MACD was still positive but its RSI are looking overbought. The RSI also sports a bearish
divergence signal, suggesting a slowdown in momentum.
“Any rallies towards the upper end of the targeted levels of 84 sen to 88 sen are good chances to sell. A break below 80.5
sen would shift the odds towards the bears while a close below 77.5 sen would confirm the bear trend is back in charge. We
would be wrong if prices took out the old high of 93 sen,” it said.