CIMB Group surged and tested the RM4.06 resistance level. With its 21-day moving average pointing upwards, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM4.28 and RM4.40. Meanwhile, the downside support is projected at RM3.84. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM4.06

Target: RM4.28, RM4.40 (time frame: 2-4 weeks)

Exit: RM3.84

Source: AmInvest Research - 10 Dec 2020