HL Asia: CIMB has Technical Buy Call. Note that counter fell back to test the resistance turned support trend line at $2.35 recently but failed to close below it. Fri’s long white candle is positive for the stock. Add that the bullish divergence on both the MACD and RSI suggest that selling pressure may be easing and the sharp hook up in the RSI is also supportive…..
Recommend aggressive traders may start to buy now with a stop placed below the recent swing low of $2.32. Expect prices to rebound towards $2.93 and its 200-day SMA at $3.05 if prices can overcome the 50-day SMA at $2.70.
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