CIMB Group Holdings Bhd (CIMB, 1023)

• Share price closed 0.4% higher at RM5.09 on Tuesday.

• CIMB is undergoing a rebound after the price plunge in early March. RSI indicator has turned oversold to neutral now. We think MA 200 serves as its strong support now.

• If the share price continues its upward movement, we expect to see a MACD bullish crossover soon. Coupled with uptick in its indicators, we anticipate the share price to continue rebounding.

• Resistance levels are identified at RM5.18 (R1) and RM5.69 (R2).

• On the flipside, support levels are pegged at RM5.00 (S1) and RM4.78 (S2).

Source: Rakuten Research - 16 Mar 2022