Hi-P: CIMB has Technical Buy Call. Note that stock appears to be forming a large bearish wedge pattern, but pattern does not look complete as it requires another down and up sequence to complete it. The bearish divergence on both MACD and RSI would complement the bearish wedge pattern. As MACD is still in positive territory, expect some buying still…..
Add that as long as prices stay above the wedge support at $1.11, the uptrend could continue for a while longer. A break below the wedge support and the critical support at $1.04 would suggest that the uptrend from May10 is over.
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