HSU FU CHI: CIMB Has Technical Sell Call. Note that the stock looks tired after a long rally from the Mar 09 lows and is now getting close its channel resistance again and see weakness creeping in. Both its MACD and RSI are flattening out, which means that the run is losing momentum. The bearish divergence on both indicators also supports the view that a correction is likely…..
Recommend traders may short now with a stop placed above $3.81. The channel resistance is at $3.94. A break below S$3.60 would increase the odds that the correction is taking place. If the $3.60 low is breached, then prices could potentially fall to $3.26 and $3.00-3.08 next.
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