Friday, September 23, 2011

First Resources

First Resources: CIMB has Technical Sell Call. Note that prices broke below its medium term support trend line in August. Although the bulls tried to make a comeback, sellers at the support-turned-resistance trend line proved a tad too strong.

Advocate traders to stay on the sideline as the candles are trading below its key moving averages. Although MACD signal line is rising, house are perturbed by the dwindling RSI indicator. The mixed technical reading suggests that trading are likely to be choppy in the near term, with downward biased.

The next downleg, when it set in, will derail prices towards $1.22 and $1.17 next. Therefore, any rebound towards $1.335-1.36 is a good opportunity to take profit. Buy stop at $1.40

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