Renewable Energy: CIMB has Technical Buy Call. Note that the stock was under tremendous selling pressure since late last yr but prices still manage to hold on above the $0.185 level. The triangle breakout on Fri is an early indication of stronger rebound ahead….
The 30-day SMA is about to cut above the longer term 50-day SMA. Once this materialises, it should induce greater buying momentum. The positive technical readings also support our bullish stance. Recommend risk takers start nibbling now, with stop loss at $0.215. On the upside, resistance is at S$0.265. Further rally is expected if prices can swing above the 200-day SMA, now at $0.27.
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