CIMB Group Holdings is poised to trend upwards, as it rebounded yesterday from the recent pullback – firming up its “higher low” bullish structure. If it breaches the immediate resistance of MYR5.14 – thereby forming a “higher high” bullish pattern – the bullish bias may propel the stock towards the resistance of MYR5.30 (or the high of 14 Apr), followed by the MYR5.40 or 5 May’s high. However, the stock may reverse direction if it falls below the MYR5.03 support – as it may form a “lower low” bearish structure.
Source: RHB Securities Research - 20 Jul 2022
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