HK Land: CIMB has Technical Sell call. Note that the stock has fallen below its 200-day SMA and one can expect lower prices ahead. However, see potential of a triangle pattern taking form here. If that is the case, prices are likely to find support very soon.
MACD is still negative, suggesting a tad more downside is likely. However, its RSI is oversold, which could prompt a minor rebound.
Recommend traders should only start to accumulate once a firmer base is formed, preferably nearer to the US$6.53-6.62 support levels. A stop should be placed below US$6.20 levels. If prices do form a firm base above the said support levels, we can expect prices to rebound back up to the US$7.17-7.25 levels.
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