Yanlord: CIMB has Technical Sell Call. House note that the pullback from the $1.51 high appears to be impulsive and prices have now rebounded back to its previous support turned resistance levels. Wed’s reversal on rising volume could induce further selling on the stock.
Its MACD and RSI are looking neutral with a tad of bearishness. For short term traders, unless prices can push up above the S$1.405 high, the odds favour weaker prices. Only aggressive traders should attempt to sell this stock now with a stop placed above $1.41. A drop below $1.24 would send prices falling towards the uptrend channel support at $1.19. Anything below would signal that the medium term trend has also changed.
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