SATS: CIMB has Technical Sell Call. Note that the stock formed a sideways consolidation band in the last 5 mths before finally breaking below the trading band yesterday on strong vol. The bulls tried to breakout of this band earlier in Jun but were quickly repelled. This breakdown is likely to lead to lower prices ahead.
MACD and RSI continue to show that more weakness ahead. Both the indicators are falling at a rapid pace, suggesting that momentum is with the bears. Any rebound should be viewed as a chance to sell. As long as prices continue to hold below $2.51-2.55, house think it is likely to test $2.10-2.00 in the days and wks ahead
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