Olam: CIMB has Technical Sell Call. Note that stock appears to have confirmed that a head & shoulders pattern is in place following the breakdown of its neckline support in early August. The recent rebound ‘tested’ the neckline again but failed to clear it.
With the MACD and RSI now turning down again, there is a good chance that prices could resume on its downtrend in the near future. Traders should take a short position now with a stop placed above $2.57. Falling below $2.06 would confirm that prices are heading towards the $1.65-1.70 levels in the medium to long term.
No comments:
Post a Comment