Mewah: CIMB has Technical Sell Call. Note that prices have hit 38% Fibonacci target of $0.63 after breaking out of the triangle pattern. However, the technical landscape does not look so appealing anymore at current levels. There is bearish divergence on its RSI and its MACD is losing momentum. Furthermore, price tested the upper channel and reversed, forming a graveyard doji pattern.
Think it is time to take profits now. Aggressive sellers may even choose to sell now with a stop placed above S$0.66. Believe the upside is likely limited to the S$0.695-0.73 gap while expect prices to fall towards $0.57 at the minimum but it is more likely to fall back to $0.51, its 50-day SMA.
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