BIMB’s short-term technical chart is treading on thin ice after the share price broke below its 20-day SMA and uptrend support level of around RM4.50. Furthermore, key indicators such as RSI, Stochastic, and CCI are all trending downwards while the MACD has broken below its signal line suggesting further downside in the making. As a result, we reckon the share price may  head down to look for a stronger support zone @RM4.18-RM4.20 (50-day SMA and Fibonacci support). Should that be the case, we believe strong buying interest could emerge near the support zone and traders may accumulate for a potential relief rebound.

 

Source: Kenanga