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CIMB Research has Sell on Genting Bhd
by hlk Thu 11 Aug 2011, 12:49
KUALA LUMPUR: CIMB Equities Research has a Sell call on GENTING BHD [] at RM10.20 at which it is trading at a FY 2012 price-to-earnings of 10.6 times and price-to-book value of 2.3 times.
It said on Thursday, Aug 11 that Genting violated its triangle support few days ago, and it viewed this as a prelude to more downside ahead.
“Although we could not write off the possibility of further rebound, sustainability is a key concern here,” it said.
MACD is still hovering in the negative territory while RSI has hooked upward. Hence, use any rebound towards RM10.32-RM10.44 to sell into strength.
CIMB Research said as long as the candles stay below its key moving averages, it would rather stick with the bear’s camp. Put a buy stop at RM11.00, just in case.
It said on Thursday, Aug 11 that Genting violated its triangle support few days ago, and it viewed this as a prelude to more downside ahead.
“Although we could not write off the possibility of further rebound, sustainability is a key concern here,” it said.
MACD is still hovering in the negative territory while RSI has hooked upward. Hence, use any rebound towards RM10.32-RM10.44 to sell into strength.
CIMB Research said as long as the candles stay below its key moving averages, it would rather stick with the bear’s camp. Put a buy stop at RM11.00, just in case.
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