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CIMB Research has technical Sell on TRC
by hlk Wed 13 Jul 2011, 13:07
KUALA LUMPUR: CIMB Equities Research has a technical Sell on TRC Synergy at RM1.76 at which it is trading at a price-to-book value of 1.1 times.
It said on Wednesday, July 13 TRC is still entrenched in an uptrend channel but the momentum is fading fast.
Unless prices swing past its previous high of RM1.87 in the near term, traders should avoid taking a long position, it said.
“Indicators are showing signs of exhaustion. The bearish divergence in the MACD indicator reflects that sellers are gaining strength while RSI too has hooked downward,” it said.
CIMB Research said to prevent selling prematurely, one should wait for a break below RM1.69 before going short. The next support levels are RM1.51 and RM1.43.
It said on Wednesday, July 13 TRC is still entrenched in an uptrend channel but the momentum is fading fast.
Unless prices swing past its previous high of RM1.87 in the near term, traders should avoid taking a long position, it said.
“Indicators are showing signs of exhaustion. The bearish divergence in the MACD indicator reflects that sellers are gaining strength while RSI too has hooked downward,” it said.
CIMB Research said to prevent selling prematurely, one should wait for a break below RM1.69 before going short. The next support levels are RM1.51 and RM1.43.
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