Cosco: CIMB has Technical Buy Call. Note that correction from Apr’s high is probably at its tail end. Prices hit a low of $2.12 but the bulls have since made a comeback. If the candles can continue to hold on steady above this level, then it shows that the 38.2% Fibonacci Retracement level is a good support level. Add that MACD are falling at a slower pace while RSI has also hooked upward. The improving technical landscape suggests that selling pressure has tapered off….
Recommend aggressive traders may start to nibble now to ride the recovery wave. However, be quick to trim loss if the $2.12 is breached. Meanwhile, resistance is seen at $2.30, $2.39 and $2.50.
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