CIMB Research has technical Sell on Muhibbah
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CIMB Research has technical Sell on Muhibbah
KUALA LUMPUR: CIMB Research has a technical Sell call on Muhibbah Engineering at RM1.27 at which it is trading at a FY12 price-to-earnings of 6.4 times and price-to-book value of 1.1 times.
It said on Friday, July 15 Muhibbah violated its wedge support few days ago and this is a concern.
“The breakdown suggests that prices failed to bounce back above its 200-day SMA,” it said.
CIMB Research said as the MACD stays deep in the dungeon, “we doubt any rebound is sustainable”.
It added the RSI too was close to the oversold territory.
“Our strategy here is to unload on strength as prices are likely capped at RM1.30-1.40 is the near term. On the downside, support is seen at RM1.20 and RM1.10,” it said.
Muhibbah Engineering provides civil, marine, and structural engineering contract works. It also manufactures engineering products and distributes and markets CONSTRUCTION [] materials.
It also repairs and builds ship, produces and leases cranes and invests in PROPERTIES [].
It said on Friday, July 15 Muhibbah violated its wedge support few days ago and this is a concern.
“The breakdown suggests that prices failed to bounce back above its 200-day SMA,” it said.
CIMB Research said as the MACD stays deep in the dungeon, “we doubt any rebound is sustainable”.
It added the RSI too was close to the oversold territory.
“Our strategy here is to unload on strength as prices are likely capped at RM1.30-1.40 is the near term. On the downside, support is seen at RM1.20 and RM1.10,” it said.
Muhibbah Engineering provides civil, marine, and structural engineering contract works. It also manufactures engineering products and distributes and markets CONSTRUCTION [] materials.
It also repairs and builds ship, produces and leases cranes and invests in PROPERTIES [].
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