CIMB consolidating, says AllianceDBS Research

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KUALA LUMPUR (Sept 4): AllianceDBS Research said CIMB Group Holdings Bhd (CIMB) had on Sept 3 traded higher to RM6.16 before closing at RM6.10 (up 1 sen or 0.16%).

In its evening edition Monday, the research house said CIMB continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Sept 3, the stock is likely to move higher with immediate hurdle at RM6.20.

“A crossover of RM6.20 should see further price rise to the next overhead resistance zone, RM6.40 – RM6.55.

“The support is pegged at RM6.00. A fall below RM6.00 would put pressure on the stock down to the subsequent support zone, RM5.80 – RM5.90,” it said.

AllianceDBS Research said stock volume traded on Sept 3 was 4.37 million shares compared to the 3-month average volume of 12.1 million shares.