HL Asia: CIMB has Technical Sell Call. House note that prices have rallied strongly from the $1.40 low to a high of $2.06 before easing a tad to current levels. The rally appears impulsive but we believe that prices may have topped at $2.06, at least in the short term.
With its MACD Histogram starting to weaken and RSI turning lower again, expect prices to correct further in the coming days. The near term correction target would be $1.73-1.77. Prices could also potentially close the $1.685-1.72 gap. House near term bearish outlook hinges on the $2.06 resistance not taken out in the near term
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