Rakuten Trade Research Reports

Technical View - CIMB Group Holdings Bhd

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Publish date: Mon, 19 Aug 2024, 09:31 AM
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CIMB Group Holdings Bhd (CIMB, 1023)

  • CIMB may trend higher after it surged to an all-time high last Friday, breaking out from its three-week ascending triangle pattern. With the stock pulling further away from all the EMAs coupled with its RSI indicator pointing upwards, ongoing bullish momentum appears to be picking up.
  • We expect the rising momentum to steer the stock higher and test the next resistance of RM8.06(R1), followed by RM8.50 (R2).
  • On the downside, stop-loss is set at RM6.98.

Source: Rakuten Research - 19 Aug 2024

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