Gamuda (GAM MK; RM3.00) – SELL
FY09P/E: 28.6x, P/BV: 1.9x
• Volatility is on the rise after the short term failed breakout or throw-over on the stock. The stock temporarily breached the upper resistance band of its uptrend channel but has fallen back into it. Yesterday’s long black candle is also bearish in the near term.
• Judging from the weak performance yesterday, we see more downside from here. Technical landscape is starting to weakened. Resistance is at RM3.08-3.10 and RM3.22.
• Sell on rebounds as the stock has a chance to fall back into the middle band support at RM2.85 of its uptrend channel. The following support is at RM2.70-2.77, its 30-day and 50-day SMAs.
Tebrau Teguh (TEB MK; RM0.77) – SELL
FY09P/E: N/A, P/BV: 1.1x
• The stock has fallen below its uptrend channel, suggesting that the uptrend has ended. Yesterday, the bulls tried to regain a foothold on the uptrend but failed to take out the uptrend channel support turned resistance at RM0.82.
• The immediate resistance is its 30-day and 50-day SMA at RM0.775-0.785. The decaying technical landscape suggests there is more room to the downside.
• Investors ought to take profits on rallies towards the resistance levels. Yesterday bearish candle also do not bode well for the stock. Could test support at RM0.65-0.68 next if prices cannot breach the upside resistances.
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