KUALA LUMPUR: CIMB Retail Research has a Sell call on Bolton at 90.5 sen, which sees it trading at a price-to-book value of 0.6 times.

The research house said on Monday, July 26 that the property-based Bolton rose to a new 52-week high of 97.5 last week but follow though momentum was weak.

“The doji pattern is probably a reflection that the trend is about to reverse. Coupled with the bearish confirmation from the past two days, the stock is now a SELL,” it said.

CIMB Retail Research said technical indicators also show signs of exhaustion. MACD histogram bars are losing some pace here while its RSI has hooked downward.

“Immediate support is at 84 sen, also its 38.2% FR. If this level is also violated, next downside targets are 80 sen and 76 sen. Put a buy stop at 97.5 sen, just in case,” it said.