Raffles Medical Grp: CIMB Has Technical Sell Call. Note that stock appears to have formed a double top pattern here with prices now falling to test the neckline support at $2.07. Last week’s fall took prices below its key long term support trend line for the first time since Nov08. This is likely a first signal the trend has changed.
MACD has just moved into negative territory while its RSI is not yet oversold. Both indicators
suggest that there is still room on the downside from here. Any rebound is a chance to sell the stock. Resistance at $2.38-2.42 should keep the buyers at bay. Expect a test of $2.07 in the near term. Closing below the $2.07 levels would confirm the double top pattern, which would have a downside target of $1.60-1.65 for the medium term
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