Goodpack: CIMB has Technical Sell Call. Note that the stock has fallen below its uptrend channel support in mid-February. It fell in 5 waves, suggesting that the trend has changed. Add that the current run is likely only a rebound and prices are headed for a host of resistances. Its MA, Fibonacci retracement levels as well as a gap resistance are all within the S$1.94-2.10 range…..
Although its MACD has just confirmed its golden cross, think that the upside could be capped. RSI is still rising, suggesting that there is still room on the upside. Continue to expect higher prices ahead but would prefer to be on the sell side, as there are no decent positions to put one’s stop loss if one was buying. Selling on the other hand, a stop could be easily placed above the $2.10 levels. Recommend traders to sell into strength as think that prices could soon fall beneath the recent low of $1.68 in the next few mths.
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