Sound Global: CIMB has Technical Sell Call. Note that prices is still trapped in a downtrend channel. Recent correction dragged prices below its previous low of $0.555 and this could induce greater selling pressure in days ahead. Any rebound would likely be weak as the candles are trading below all the key moving averages.
MACD is still hovering in the negative territory while RSI is below the 30-level. The negative technical readings further reinforce our bearish stance on the stock. The next downleg is likely to drag prices towards $0.51, $0.46 and $0.425. Unless prices swing back above the $0.595 level, house rather stick with the bear’s camp. Any rebound is an opportunity to take profits.