KUALA LUMPUR (July 26): AllianceDBS Research said CIMB Group Holdings Bhd (CIMB) had on July 25 traded higher to RM6.45 before closing near the day’s low at RM6.35 (up 1 sen or 0.15%).

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

“Given the recent share price behaviour, the stock is likely to move between RM6.19 and RM6.50 in the coming few days.

“A crossover of RM6.50 should see further price rise to the next overhead resistance zone, RM6.60 – RM6.70.

“However, a fall below RM6.19 would put pressure on the stock down to the subsequent support at RM6.00,” it said.

AllianceDBS Research said stock volume traded on July 25 was 11.5 million shares compared to the 3-month average volume of 19.3 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.