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CIMB Research has technical Sell on WCT
by hlk Mon 08 Aug 2011, 10:57
KUALA LUMPUR: CIMB Equities Research has a technical sell call on WCT BHD [] ar RM2.92, at which it is trading at a FY12 price-to-earnings of 13.3 times and at a price-to-book value of 1.7 times.
It said on Monday, Aug 8 after violating the wedge resistance, the bulls tried to make a comeback.
However, sellers at its moving averages proved a tad too strong. The current consolidation shows that there is still room to the downside.
MACD histogram bars have fallen into the negative territory. RSI too has hooked downward.
“Use any rebound towards RM2.96-3.10 to sell into strength. These moving averages will likely keep the bulls at bay. Meanwhile, support is seen at RM2.82 and RM2.70. Only a rise above RM3.19 would prompt us to review our call,” it said
It said on Monday, Aug 8 after violating the wedge resistance, the bulls tried to make a comeback.
However, sellers at its moving averages proved a tad too strong. The current consolidation shows that there is still room to the downside.
MACD histogram bars have fallen into the negative territory. RSI too has hooked downward.
“Use any rebound towards RM2.96-3.10 to sell into strength. These moving averages will likely keep the bulls at bay. Meanwhile, support is seen at RM2.82 and RM2.70. Only a rise above RM3.19 would prompt us to review our call,” it said
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