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Thursday, June 23, 2011

Will CIMB retrace after merger call off?

Kim Hyun A

CIMB ceases merger talks with RHB Cap. Will this new affects CIMB performance short term? No one is sure what will happen tomorrow but let check out on the technical analysis on this counter.

1) Trendline - Uptrend( Bullish)
2) Formed higher high - Bullish
3) MACD -Uptrend ( Bullish )
4) RSI - Broke below 70% ( Bearish )
5) Sto - Bearish crossover and below 80% (Bearish )
6) ADX - weak momentum and bullish
7) Candle Stick - Spinning Top ( Undetermined) and Upside Tasuki Gap ( Bullish)
8) News - bad news from The Edge ( Refer to this) (Bearish)
9) Volume Distribution - Buying Pressure is very high  (Bullish)

3 Points

       6 Points


As long CIMB does not break the uptrend line there wont be any unnecessary panic selling and this is back up Bank from Malaysia. Dont worry be happy

Winner BULL

Entry Price 8.68
Take Profit  at 8.79 and 8.96
Support at 8.45

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