First Resources: CIMB has Technical Sell Call. Note that prices have tumbled below its key support trend line in early Aug but have rebounded back to retest the support turned resistance trend line. MA’s are also being tested at the moment.
However, with MACD testing the zero line and RSI testing the 50-60pts band, the odds of a breakout is likely reduced. Coupled with yesterday’s bearish engulfing pattern, prefer to be on the sellers’ camp as there are too many resistances ahead. Believe prices more likely to reverse soon given the slower vol on the rise from the $1.17 lows. Resistance at $1.40, which is support turned resistance level. Prices could soon fall back to $1.17 and likely to about $1.08 next.
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