HL Asia: CIMB has Technical Buy Call. Note that share price fell back to test the resistance turned support trend line at $2.30 recently but the bulls managed to stay afloat. On the 30th of May, house issued a buy call but prices triggered stop loss at $2.31 when prices fell to S$2.30 recently….
Note that bullish divergence on MACD and RSI continue to suggest that selling pressure may be easing. Recooemnd one could make another attempt to go long here. However, place stop below the trend line at $2.25. Expect prices to rebound to close gap at $2.55 first following yesterday’s bullish engulfing pattern. Prices could also reach the $2.93 resistance and its 200-day SMA at $3.01 if prices can overcome the 50-day SMA at $2.66.
HL Asia: Increases stake in NY-listed China Yuchai by 1.02% btwn 2-7 June and currently holds 31.32% of Yuchai.
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