Gallant: CIMB has Technical Sell Call. Note that sellers took prices below its support trend line in early Aug and also saw a dead crossover of its 50-day SMA against the 200-day SMA. Both of these incidents are negative for the stock for the medium to long term.
The technical landscape remains weak with both its MACD and RSI at a new 1.5 yr low. Reckon that there is still some selling left in the days if not weeks ahead. Continue to look for rebounds to sell. The stock should fall towards $0.255-0.275 to close the gap in the near term. The next support is at $0.225-0.24. Stop loss placed at $0.325.
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