M1: CIMB has Technical Sell Call. Note that prices fell below its long term key support trend line last week on rising vol and this breakdown is a bearish signal. However, prices rebounded to close marginally above its 200-day SMA.
MACD continued to expand and moved further away from its signal line. The RSI is now no longer oversold, which means that prices could still head lower from here. Add that any rebound towards the support turned resistance trend line at $2.50 should be seen as a chance to sell into strength. Expect prices to test the $2.30 and $2.20 support levels in the near term. Anything below S$2.20 is very bearish for the stock.
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