CIMB Group Holdings is set for a major breakout beyond its recent high after it retraced from a strong rebound recently. If the stock breaks above the immediate resistance level of MYR4.56 – marking a “higher low” structure above the 21-day SMA line – a bullish bias is expected to emerge. Then, the stock may climb towards the recent high of MYR4.70 before it pushes further towards the MYR4.94 multi-month high. This expectation would be reversed if it drops below the MYR4.36 support level.

Source: RHB Securities Research - 8 Jun 2021