MRCB– RM1.52 TAKE PROFIT (TECHNICAL)
(Stock Code: 1651)
Malaysian Resources Corporation Berhad (MRCB) provides construction and engineering services, multimedia, property development and management, and information technology services. Besides being an independent power producer, it also manufactures and sells ceramic tiles and pre-stressed spun concrete piles.
Recommendation
MRCB peaked at its Wave 5 high of RM1.72 in April 2010 with grossly overbought and bearish divergent signals and had since fallen below its 19-day and 50-day SMA. With the bearish indicators above supporting our view of further plunges, MRCB will trend lower and test our support and downside target areas.
TAKE PROFIT (TECHNICAL) on rallies for MRCB with weaker support areas at RM1.27 and RM1.50 and downside target areas of RM1.18, RM1.27 and RM1.41.
by Maybank Investment Bank
