OCBC: CIMB has Technical Sell Call. House note that the rebound from its $7.68 low reached the 38.2% Fibonacci Retracement level. This shows that the stock may be poised for a correction soon. If prices fail to swing above the flag resistance (now at $8.70) over the next few days, expect selling pressure to accelerate.
The correction will likely drag prices back towards $8.16, $8.03 and possibly even $7.68. MACD and RSI are still rising. However, these signal lines could reverse if the bulls fail to push above the flag resistance. Recommend traders Sell into strength as it looks like a good option here, especially near the $8.66-8.70 levels. House will
only review r call if prices swing above the $8.89 level, its 50% FR level.
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