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CIMB Research has Technical Sell on CB Industrial Product
by hlk Mon 15 Aug 2011, 13:14
KUALA LUMPUR: CIMB Equities Research has a Technical Sell on CB INDUSTRIAL PRODUCT HOLDING []s Bhd (CPIB) at RM3.75 at which it is trading at a price-to-book value of 1.6 times.
The research house said on Monday, Aug 15 CBIP violated its key support channel last week. The pullback also took out its 200-day SMA along the way. This could be seen as a prelude to more downside ahead.
“If the candles fail to swing back above its key moving averages soon, we expect selling pressure to accelerate over the next few days. Next downleg should drag prices towards RM3.56 and RM3.30.
“Indicators remain lethargic. MACD signal line is hovering in the negative territory while RSI is below the 30pts mark. Put a buy stop at RM4.00,” it said.
The research house said on Monday, Aug 15 CBIP violated its key support channel last week. The pullback also took out its 200-day SMA along the way. This could be seen as a prelude to more downside ahead.
“If the candles fail to swing back above its key moving averages soon, we expect selling pressure to accelerate over the next few days. Next downleg should drag prices towards RM3.56 and RM3.30.
“Indicators remain lethargic. MACD signal line is hovering in the negative territory while RSI is below the 30pts mark. Put a buy stop at RM4.00,” it said.
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