WingTai: CIMB has Technical Sell Call. Note that the rally from the Dec lows appears complete or close to completion. Prices have rallied back to test its resistance levels of $1.28-1.33, which is closely followed by the gap at $1.34-1.37. Both of these bands are likely to act as a strong resistance in the weeks ahead.
MACD is beginning to slacken a bit while its RSI shows a slowdown in upward momentum. Both suggest that a reversal could be on the cards. Traders should sell this stock now following yesterday’s hanging man pattern. The stock could still push a tad higher but as mentioned above, the upside is likely capped. Expect prices to pullback towards $1.20 and the $1.05-1.11 next.
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