Charts Tip CI Holdings May Fall To MYR2.05 -Maybank

 Maybank IB Research rates CI Holdings (2828.KU) at Take Profit based on charts with downside targets at MYR2.42, then MYR2.05. Technical analyst Lee Cheng Hooi says the stock of the beverage and construction materials maker made a major weekly Wave 5 high at MYR4.00 in November 2010 with grossly overbought and bearish divergent signals. "Due to its negative crossovers from the weekly CCI, DMI, MACD, Stochastic and Oscillator indicators, we believe CI Holdings could soon test the support areas (MYR2.40 then MYR2.09) and downward target levels," Lee says. The stock is up 0.8% at MYR2.49. Next resistance is tipped at MYR2.94. (kwan-por.lee@dowjones.com)