CBIP’s share price was down by 9 sen (2.0%) to RM4.40 since last week on the back of higher trading volume. We had previously called for ‘Trading Buy’ on CBIP on 21st July 2014, with a stop loss at RM4.39. Chart-wise, all 3 SMAs are heading south. Key indicators are already at oversold levels but continuing on the downtrend. Due to the sell down in the overall market and a negative technical picture, we expect the share price to continue its downtrend towards RM4.25 after the RM4.39 support/ stop loss level has been triggered. We advise traders to remain cautious until the confirmation of a reversal signal.

 

 

Source: Kenanga