Innovalues (technical)

Innovalues: CIMB calls for a technical Sell R2: $0.53 R1: $0.50 S1: $0.44 S2: $0.41 The stock is forming a bearish wedge pattern and one more push to new highs is required to finish this pattern. The bearish divergence on both its MACD and RSI are supportive of this bearish pattern. Traders should look to lock in profits on the next move towards $0.50. Only a move above $0.535 would signal that a more bullish pattern is taking place. Falling below $0.43 would likely confirm that the wedge pattern is complete and prices are likely to correct towards $0.34 next.