City Dev: CIMB has technical Buy Call. Note that the stock has formed a minor symmetrical triangle, consolidating the gains from the $10.18 low. Think that the rebound from the said low is not over and we would likely see a short rally towards its 61.8% Fibonacci retracement level of $12.38. With its MACD reconfirming its golden cross, there is a chance that prices could kick upwards from here…..
Add that the RSI has stopped falling and appears to be forming base above the 40-pts mark. Recommend aggressive traders may go long here with a stop placed below the triangle low of $10.88. One can also place their stop below the $11.00 triangle support. A breakout above $11.44, its 50-day SMA would confirm that prices are heading to its 61.8%FR levels.
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