UMS: CIMB has Technical Sell Call. House note that The countertrend rebound from its October’s low hit the 50% FR level before easing to current levels. Looking at the chart, think there is still risk to the downside. Hence, aggressive traders may want to lock in some profits now.
There is a minor support at the 50-day SMA. A slip below this level would indicate that the next downleg has unwound. Next support levels are $0.30 and $0.275. Indicators are showing signs of exhaustion. MACD has staged a negative crossover while RSI is also below the 50pts mark. Put a buy stop at $0.355, just in case.
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