Dec 17, 2009

Zelan (stock code 2283)- technical oversold?


TA Research Maintain call to
- Take Profit on key banking stocks and
- buy on dips gaming counters Genting Bhd and Genting Malaysia for defensive strategy. 

Meanwhile, the sell-down on Zelan shares the past two days appear overdone, with the low reading on 14-day RSI signaling oversold momentum.  Retailers may look to Buy on Sharp Dip towards the 60sen to 55sen support for technical rebound gains, but place stop-loss below 50sen to limit downside risk.