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CIMB Research has technical Sell on IJM Land
by hlk Wed 13 Jul 2011, 13:04
KUALA LUMPUR: CIMB Equities Research has a technical Sell call on IJM Land Bhd at RM2.75 at which it is trading at a price-to-book value of 1.7 times.
It said on Wednesday, July 13 the recent countertrend rebound may have exhausted. Prices hit a high of RM2.92 on June 20 but the bears have taken over since then.
“The correction is worrying as it may drag the candles below the 200-day SMA. Once this long term support is breached, expect selling pressure to accelerate,” it said.
CIMB Research said the MACD is easing towards the zero line while RSI is falling towards the oversold territory.
“Use any rebound to sell into strength, as near term gains are likely capped at RM2.78-2.90. Unless the RM2.92 level is taken out, the odds now favour the bears. Support is at RM2.66, RM2.54 and RM2.40,” it said.
It said on Wednesday, July 13 the recent countertrend rebound may have exhausted. Prices hit a high of RM2.92 on June 20 but the bears have taken over since then.
“The correction is worrying as it may drag the candles below the 200-day SMA. Once this long term support is breached, expect selling pressure to accelerate,” it said.
CIMB Research said the MACD is easing towards the zero line while RSI is falling towards the oversold territory.
“Use any rebound to sell into strength, as near term gains are likely capped at RM2.78-2.90. Unless the RM2.92 level is taken out, the odds now favour the bears. Support is at RM2.66, RM2.54 and RM2.40,” it said.
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