CIMB Retail Research said Mulpha International is still trapped in a declining channel.
In its technical outlook issued on Friday, Aug 6, it said in the past three attempts, prices failed to inch above the resistance trend line and it thinks it will be indifferent this time around.
“Currently, the candles are just holding above its 30-day and 50-day SMAs but sustainability remains a concern,” it said.
MACD histogram bars are beginning to lose pace while its RSI has also hooked down from the overbought territory. These do not bode well for any recovery effort.
“Sell into strength looks like the best option here. Unless prices can inch above the April high of 52.5 sen, we would prefer to stick with the bears’ camp. Next downside targets are 40 sen and 35 sen,” it said.
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