STX OSV: Technical Sell Call by CIMB. House note that stock has rallied strongly from the October low in what looks like a 5-wave move. Furthermore, prices are fast approaching a strong trend line resistance at S$1.85. Would not be surprised if prices start to push a tad higher before reversing.
Technical indicators show waning momentum which supports our call for a reversal in the near term. Dropping below $1.76 would likely signal that the trend is ready to change. Anything below $1.59 would help eliminate any more upside potential in the near term. Medium term, expect prices to consolidate towards the $1.30-1.40 levels.
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