UOL

UOL: CIMB has Technical Sell Call. Note that the rebound from the $3.80 low was sharp and swift. Prices are now sitting just below the previous support turned resistance levels.

MACD is still positive but it appears to be losing some upward momentum. The RSI however, remained below the 60-pts mark. Hence, prices could still push past the $4.50 resistance towards the S$4.70 resistance but think that the odds are low. Aggressive traders may opt to go short now with a stop placed above $4.50. Prices are likely to head towards S$3.90-4.00 levels once again if the $4.23 support breaks. Continue to sell on strength.