– SapuraCrest Petroleum (SCRES MK; RM1.82, BUY) – Potential breakout.
– CBS Technology (CBS MK; RM0.565, SELL) – Time to take some profits.
– Tebrau Teguh (TEB MK; RM0.73, SELL) – Failed to surpass resistance trend line.
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SapuraCrest Petroleum (SCRES MK; RM1.82) – BUY
FY10P/E: 14.7x, P/BV: 2.2x
• The stock has been able to hold firm within its uptrend channel. 50-day SMA proves to be its strong support. Traders with high risk appetite may buy now and ride on the potential breakout.
• If the candles shoot past the RM1.85 resistance trend line, next upside target is at RM1.96 and RM2.08. However, keep stop tight at below RM1.62. A stronger support is at RM1.53 and RM1.46.
• RSI is slightly overbought but MACD has just confirmed the golden cross. Risk adverse investors may buy near support zone or when the breakout materialises, as its longer-term uptrend remains intact.
SapuraCrest Petroleum Berhad is an investment holding company. The company, through its subsidiaries, charters vessels, installs offshore platforms and marine pipelines, drills offshore oil wells, manages rigs that are involved in drilling offshore oil wells, fabricates offshore structures, supplies equipment for oil and gas activities, and provides offshore geotechnical services.
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CBS Technology (CBS MK; RM0.565) – SELL
FY10P/E: N/A, P/BV: 2.5x
• The stock hit its resistance trend line but has failed to surpass it. Selling pressure subsequently stepped in and pushed its share price a tad lower. Any near-term gain is likely capped at RM0.62.
• Its technical indicators are showing some signs of weakness, suggesting that further correction may be forthcoming. MACD is poised for a negative crossover while RSI also dips from its recent peak.
• Traders may want to take some profits off the table near its resistance. Expect further correction towards the RM0.51 and RM0.45 support levels. Sell into strength.
CBS Technology Berhad is an investment holding company. The company, through its subsidiaries, provides specialized system integration solutions as well as sells, distributes, and develops software solutions.
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Tebrau Teguh (TEB MK; RM0.73) – SELL
FY10P/E: N/A, P/BV: 1.0x
• Similar to CBS Technology, Tebrau hit its resistance trend line but has failed to surpass it. It appears that sellers have the upper hand, and further gains would likely be capped at RM0.76-RM0.80.
• The candles are still gyrating in a downtrend channel. The bearish tone was aggravated by the fact that it has now tumbled below the key SMAs. Expect selling pressure to unwind soon.
• To negate this downtrend, it needs to cut above RM0.85, which we think is a low probability at this juncture. Hence, we believe any rebound is a chance to sell. Support is at RM0.68 and RM0.65.
Tebrau Teguh Berhad is an investment holding company. The company provides property development, construction, and property management services. Tebrau also develops residential and commercial properties and is involved in the construction of infrastructure.
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