UOB

UOB: CIMB has Technical Sell Call. Note that Prices have been trading sideways within a large trading band of $17.90-21.10 for the past two yrs. It broke below this trading band late last wk and this breakdown is negative for stock

MACD continued to stay in sell mode while RSI has hooked downwards from neutral levels. With breakdown, expect prices to fall towards $14.70 in medium term. However, near term rebound is expected given ST indicators are now oversold. Selling near the
recent swing high of S$19.24 is a good option if there is a rebound. MA’s would also act as a near term resistance. Short term support is at $16.10.