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NewsCIMB Research has Technical Sell on Gamuda at RM3.55
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CIMB Research has Technical Sell on Gamuda at RM3.55
by hlk Wed 20 Jul 2011, 13:13
KUALA LUMPUR: CIMB Equities Research has a Technical Sell on Gamuda Bhd at RM3.55 at which it is trading at a FY12 price-to-earnings of 13.1 times and price-to-book value of 2.0 times.
It said on Wednesday, July 20 Gamuda tried to break out of its triangle pattern in early July but sellers at the resistance trend line kept the bulls at bay. The pullback halted the upward momentum and dragged prices below its key moving averages.
“Yesterday, prices also violated its triangle support. We view this negatively as it may induce greater selling pressure. The following support levels are RM3.46, RM3.26 and RM3.12,” it said.
CIMB Research said traders should use any rebound to unload on strength as near term gains are likely capped at RM3.60-RM3.80. Put a buy stop at RM3.82, just in case.
It said on Wednesday, July 20 Gamuda tried to break out of its triangle pattern in early July but sellers at the resistance trend line kept the bulls at bay. The pullback halted the upward momentum and dragged prices below its key moving averages.
“Yesterday, prices also violated its triangle support. We view this negatively as it may induce greater selling pressure. The following support levels are RM3.46, RM3.26 and RM3.12,” it said.
CIMB Research said traders should use any rebound to unload on strength as near term gains are likely capped at RM3.60-RM3.80. Put a buy stop at RM3.82, just in case.
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