CIMB is in the midst of extending its upside movement after it broke past the MYR6 psychological resistance. The counter managed to chart “higher highs” and “higher lows” above the breakout point, thereby affirming the bullish setup. Riding on the momentum, it should climb towards MYR6.40, followed by MYR6.80. Towards the downside, falling below the MYR5.80 support will invalidate the bullish setup.
Source: RHB Securities Research - 29 Jan 2024
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