F&N: CIMB has technical Buy Call. Note that prices have been consolidating sideways for the past few weeks. Yesterday, prices broke out of this channel and this should entice the bulls to join the buying bandwagon. Hence, traders with higher risk appetite may start to nibble now to ride the breakout run.
The following resistance levels are $6.58 and $6.85. Add that the Technical landscape is improving. MACD histogram bars are falling at a slower pace while RSI has also hooked upward. As long as prices stay above the $6.01 level, the odds continue to favour the bulls. However, it is important to place a stop at below $6.00 to limit downside risks.
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