Tiger Airways: CIMB Has Technical Buy Call. House see a lot of positive at current levels. Prices appear to have completed a 5-wave move down from the high of $2.25. It tested the Elliott channel and rebounded off it. Technical landscape also looks appealing with both its MACD and RSI sporting triple bullish divergences.
Trading volume has been brisk as well, supporting the view that there are buyers at current levels. Aggressive buyers should get in to buy now as the downside risk is very low at the moment. Keep a stop placed below the recent low of $0.88. Expect prices to rally towards its moving averages around the $1.10 levels followed by retesting the recent high of $1.245.
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