SembMarine: CIMB Has Technical Buy Call. House note that the downtrend from the $6.03 high appears over following 5 completed waves. Prices have rebounded back to its previous congestion area, which is likely to be resistance in this current advance.
Both its indicators are now nearing their own respective resistances, which would also allow for a reversal in the days ahead. The 50-day SMA is also likely to provide some resistance in the near term. Current rebound has been sharp suggesting that it is not sustainable without a pullback. Traders should only buy on weakness, preferably near the $3.35-3.47 support band. Always put a stop at below $3.20 or the $3.05 low. After the pullback, prices should attempt to test the $4.00-4.20 levels with a potential to even reach the $4.35-4.50 next.
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