Genting SP: CIMB has Technical Buy Call. Note that prices have fallen to its long term bullish flag support and this support kept prices up even after the fourth test. Prices have since rebounded off it and tested the 30-day SMA. Think that there is still room on the upside from here. MACD has moved back into positive territory while its RSI is within the 40-50pts band.
The positive divergence on both also bodes well for the stock. Traders could wait for a pullback to within the S$1.80-1.84 range before jumping in to buy. Recommend keep a stop below the recent low of $1.755. Those who bought earlier should also place their stop below $1.755. On the upside, resistance is seen around the $1.95. A breakout above this level should send prices climbing towards its 200-day SMA at $2.05.
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