CapitaLand: CIMB technical call. Prices fell below its downtrend channel support but the selling momentum appears to be weak.
Hence, house says, would not be surprised if it was only a false breakdown. If so, then prices are likely to rebound sharply from current levels.
MACD is improving and with its RSI sporting bullish divergence signals, expect the bulls to hit back strongly.
Aggressive traders should go long now with a stop placed below $2.35. This rebound could take prices back up to at least $2.64. The gap at $2.71-2.80 and also its moving averages would also attract prices towards it.
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