Bursa Malaysia Stock Watch
CIMB Research: Sell on SEGi at RM1.94
kltrader
Publish date: Fri, 16 Jul 2010, 12:02 PM
kltrader
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KUALA LUMPUR: CIMB Equities Research has a Sell call on SEG INTERNATIONAL BHD [] at RM1.94.
It said on Friday, July 16 prices have rallied strongly to a high of RM2.06 on Wednesday, where a spinning top was formed. Again, here it sees signs that this uptrend is slowing down.
"MACD Histogram and RSI show bearish divergence which is usually a precursor to a reversal. At this point, it is still possible to climb towards the RM2.06-2.10 levels but we doubt the sustainability of it.
"Another bearish candle today could confirm that prices are taking a breather in the days and weeks ahead. A minimum retracement is about its 38%FR, which is around the RM1.40 levels. Bulls should remain vigilant in the days ahead," it said.
At RM1.94, the education service provider is trading at price to book value of 2.7 times.
It said on Friday, July 16 prices have rallied strongly to a high of RM2.06 on Wednesday, where a spinning top was formed. Again, here it sees signs that this uptrend is slowing down.
"MACD Histogram and RSI show bearish divergence which is usually a precursor to a reversal. At this point, it is still possible to climb towards the RM2.06-2.10 levels but we doubt the sustainability of it.
"Another bearish candle today could confirm that prices are taking a breather in the days and weeks ahead. A minimum retracement is about its 38%FR, which is around the RM1.40 levels. Bulls should remain vigilant in the days ahead," it said.
At RM1.94, the education service provider is trading at price to book value of 2.7 times.
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