F&N: CIMB has Technical Sell Call. House note that prices have remained below its key resistance trend line since hitting a peak of $6.85 back in Nov last year. With prices staying below the 200-day SMA as well, the odds favour the bears at the moment.
MACD is just above the zero line and it is also losing upward momentum. Its RSI is still below its 50-60pts mark, which could signal more downside ahead after this rebound. In view of strong headwinds ahead, aggressive traders should go short with a stop placed above $5.95. Prices could potentially swing lower to test the March low at $5.25 in the wks ahead.
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