Think Environment: CIMB has Technical Sell Call. Note that the stock hit a new 52-wk high yesterday but on slower volume. Prices have also surpassed the Janhigh of $0.795, which means that it has met the minimum requirements for this run to be the terminal run….
Both its MACD and RSI are rising slowly but there are potential bearish divergence signals forming. Believe that it is time for bulls to be extra cautious. While prices could still edge higher towards $0.83, house doubt the sustainability of it given the slower volume….
Recommend Traders may short now or near the $0.83 resistance levels. Stops should be placed above $0.85. Alternatively, one could wait for a break below $0.77 before jumping in to short. The breakdown should take prices down to $0.695.
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