CIMB has been range-bound during recent sessions. With the momentum indicator RSI above 50%, there is a possibility it will break above the resistance price of RM5.06, and move towards the target prices of RM5.22 and RM5.34. The short-term bullish momentum may fade away if it fails to close above RM5.06. The immediate support is anticipated at RM4.94, whereby traders may exit on a breach to avoid the risk of a further consolidation.

Trading Call: Buy upon breakout above RM5.06

Target: RM5.22, RM5.34 (time frame: 3-6 weeks)

Exit: RM4.94

Source: AmInvest Research - 26 Sept 2019