Genting SP: CIMB has Technical Buy Call. Continue to see a buying opportunity here despite the stock has fallen from its $2.26 high in April to current levels. It formed a bullish engulfing candle yesterday, which could mark a potential low at $1.97. MACD and RSI are now flattening out and MACD is also about to reconfirm its golden crossover…..
Intra-day charts show a bullish divergence forming, suggesting that the selling momentum is weakening. Add that the stock is a good buy now with a stop placed below its 78.6%FR at $1.94 and prices to retest the $2.26 high once this consolidation ends. In the medium term, it has the potential to reach as high as $2.40-2.50 if the $2.26 high is taken out.
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