CSE Global: CIMB has Technical Sell Call. Note that prices continued on its fall after falling below the 200-day SMA as well as its key support trend line in Jul. The recent rebound from the $0.905 low appears to be corrective, which means that there is one more downleg ahead once this rebound ends.
It could be potentially forming a bearish flag pattern. In the near term, the 30-day SMA at $1.035 is a resistance, while the flag resistance is at $1.02. Aggressive traders may opt to sell now with a stop placed above the $1.04 levels. A break below $0.905 is the likely outcome, which could take prices lower to $0.815-0.85 levels next.
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