DBS: CIMB Has Technical Buy Call. Note that Prices have been trading sideways since prices hit a high of $15.80 in Jan10. This long term sideways movement appears to be a huge triangle pattern and allows a chance to push on to new highs in the coming wks if not mths. MACD has just moved back into positive territory but its RSI is still below the 60-pts mark. Both indicators are neutral at the moment.
Expect prices to pullback a tad before engaging for take off. Recommend Traders be better off buying on weakness, preferably near the MAs. Place the stop below the
$13.98 key support levels. If prices can hold above this support, it increases the odds for a bullish breakout above the triangle resistance at $15.10 in the weeks ahead. Taking out this resistance is bullish with target at $15.80 and $16.50 next. Anything below the key support would mean that another consolidation pattern is taking place.
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