Singtel: CIMB has Technical Sell Call. Note that recent countertrend rebound hit the 61.8% FR level. Since then, prices have fallen a tad lower. The uptrend from its Mar low may be at its tail end. A fall below its key MA at $3.07-3.00 will confirm that the trend has reversed. Indicators are showing signs of exhaustion, suggesting follow through buying has weakened. MACD has staged a dead cross while RSI is also dwindling. If MA fails to hold, the following supports are $2.95 and $2.84…..
Recommend traders unload on strength, preferably near the $3.14-3.16 resistances. Others may want to wait for a break below $3.00 before making any sell orders. Always put a buy stop at $3.20.
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