DBS: CIMB has Technical Buy Call. Note that Prices fell sharply after the bulls failed to regain the support-turned-resistance trend line. Prices could continue on lower towards the $12.50-12.60 levels first before a rebound sets in. House are already seeing a slowdown in short term selling moment.
Long term technical landscape remains bearish. But short term indicators are oversold, which leaves room for a rebound. Fri’s small bodied candle suggests indecision, a potential reversal signal. Aggressive traders may go long around within the $12.50-12.60 range with stops below $12.35. Long term players should just unload on strength, nearer to the $13.62-14.14 resistances. On downside, next support levels are $12.50 and $11.16.
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