CIMB managed to climbed above 21-day SMA line after the consolidation phase. With the latest positive price action, we believe there will be follow-through action above the MYR4.40 resistance level. If the stock trades above the resistance, we believe the bullish momentum will propel the stock towards the next resistance level at MYR4.75, followed by MYR5.05. Meanwhile, a downward breach of the MYR4.10 support will negate this expectation

Source: RHB Securities Research - 4 Jan 2021