CIMB Group rebounded and touched the RM5.16 resistance level. With its RSI indicator pointing upward, coupled with a sustainable 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 RM5.33 and RM5.41. The downside support is projected at RM4.99. Traders are advised to exit on a breach to avoid further losses.
Trading Call: Buy on breakout RM5.16
Target: RM5.33, RM5.41 (time frame: 2-4 weeks)
Exit: RM4.99
Source: AmInvest Research - 6 Dec 2021
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