December 7, 2011

CIMB Research has technical sell on Tebrau Teguh at 71.5 sen

Stock Name: TEBRAU
Company Name: TEBRAU TEGUH BHD
Research House: CIMBPrice Call: SELLTarget Price: 0.715



KUALA LUMPUR (Dec 7): CIMB Equities Research has a technical sell on Tebrau Teguh at 71.5 sen at which it is trading at a price-to-book value of 1.0 times.

It said on Wednesday the rebound from its August's low may have hit a snag near the 61.8% FR level. Prices are now struggling to stay above its key moving averages.

'If the 50-day SMA gives way, there is a high possibility that prices may fall towards 67 sen and 63 sen. The 38.2% FR level is also a magnet for prices,' it said.

CIMB Research said the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.

'Unless prices swing back above the 75 sen level, we would rather stick with the bear's camp. Put a buy stop at 77.5 sen, just in case. Unload on strength,' it said.

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