M1: CIMB has Technical Sell Call. House note that prices was holding steadily above its 200-day SMA for mths before prices started to show weaknesses in Au. Yesterday, the stock plunged below the 200-day MA again, suggesting that the $2.70 high could likely be its near term peak.
Technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI is also dwindling towards the oversold zone. Hence, think that there is still room to the downside. Use any rebound to sell into strength as near term gains are likely capped at $2.60-2.70. The key MAs at $2.45-2.54 will also keep the bulls at bay. On the downside, support is at $2.32 and $2.20.