GMG Global: CIMB has Technical Buy. Note that stock broke out of its bullish flag pattern yesterday on strong volume (Following Merrill Lynch initiation with $0.50 TP), taking out its 50-day SMA in the process. Breakout would likely take prices to new highs in the days or weeks ahead….
MACD has just moved back into positive territory while its RSI saw a sharp hook up above the 50-pts neutral mark. Both indicators suggest that there should be follow through buying. Recommend Traders may opt to buy now with a stop placed below yesterday’s low of $0.285. One can also place a stop below the support trend line at $0.28. Expect prices to take out the old high of $0.345 to test the $0.365 levels next as long as the $0.28 level is not breached. The following resistance is at $0.40.
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