DBS: CIMB has Technical Sell Call. House see a bearish wedge pattern forming here and prices broke below the wedge support yesterday on rising volume. The odds would now favour weaker prices In the near term.
Waning momentum indicators supports our technical view that the stock is now poised for a correction. The bearish divergence on its MACD and RSI show exhaustion in buying strength. The stock is now a technical sell following the breakdown of the wedge support. As long as prices stay below $14.60, prices are more than likely to fall further towards its $14.01 and
$13.17 levels, where the latter is its 200-day SMA.
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