Yangzijiang: CIMB has Technical Sell Call. Grp fell below its uptrend channel recently, suggesting that the rally from the Feb10 low is at its tail end. If prices fail to swing back above the 50-day SMA soon, expect another round of selling pressure to set in. Deteriorating technical landscape suggests that bears have the upper hands. If 200-day SMA fails to hold, expect prices to dwindle towards $1.60 and $1.50 next….
Recommend to use use any rebound to sell into strength, particularly near the $1.84-$1.90 levels. Others can wait for a break below $1.70 before going short. Always remember to put a buy stop at $1.92, just in case.
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