CIMB

Sector: Banking

Analyzed on 12/09/2021

Attached are the weekly and daily charts of CIMB. CIMB reported a 291% Y-o-Y increased earnings in end of August, which boosted its share price from RM4.5 to a recent high of RM4.99. Its better earning is due to better-than-expected non-interest income (NoII) came from Treasury-related wealth management income. Chart wise, it’s quite obvious that the daily candlesticks are forming higher highs and higher lows. The EMA25/50 are also on a wave-like upward pattern. Taking a step back to Weekly chart, CIMB rebounded since Q42020 which made its weekly EMA25/50 to reverse from the downside and a golden cross occurred in March 2021.  In line with analysts’ positive outlook on the company, it is likely that CIMB to continue its wave-like uptrend, supported by short-term support level at RM4.50 (weekly EMA25).

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