Noble: CIMB has Technical Sell Call. Note that recent violation of its neckline support shows that the bears are gaining momentum fast. Expect prices to continue its downward trajectory in the near term, possibly towards the $1.24 and $1.18 support levels over the next few days.
MACD fell deeper into the negative territory while RSI is now below the 30pts mark. Hence, any rebound is an opportunity to unload on strength. Sustainability remains its biggest challenge here as the candles are trading below its key moving averages. Intermittent rebound could take place but traders should continue to stay with the bear’s camp. Near term gains are likely capped at the $1.395-1.425 gap. House will only review call if the candles can push above the support-turned-resistance trend line. Stop loss at $1.60.
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