CIMB

Sector: Banking

Analyzed on 2 Jan 2022

CIMB performed well in year 2021, by gaining +28% since start of the year. Looking at its Daily chart, we can observe that CIMB is moving in an obvious uptrend wave pattern, closing at RM5.45, highest for 2021. EMA50 (orange line) has served as its strong uptrend support as it bounced off the support well after few corrections, forming higher highs and higher lows. Although CIMB’s recent QR wasn’t outstanding, it did not hinder CIMB from rallying. We can anticipate CIMB to continue its uptrend this year, with EMA50 as main support. Investors could wait for retracement before adding position.

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