STX OSV: CIMB has Technical Sell Call. House note that stock’s rebound from the $0.79 low appears to be losing momentum. It is currently faced with strong resistance with its 200-day SMA as well as its key resistance trend line standing in the way.
The MACD is about to confirm its dead cross while it’s RSI has hooked lower, back into the neutral levels. Both indicators suggest that selling pressure is rising. Coupled with the bearish island reversal pattern set on Friday, the bears could continue to dominate in the weeks ahead.
The stock is still a sell as long as the recent top of $1.26 is not breached. The gap at $1.175-1.195 is likely to keep the bears at bay as well. Prices are likely to head lower towards $1.00. Minor support around the $0.945 levels.
No comments:
Post a Comment