CIMB consolidating, says AllianceDBS Research

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KUALA LUMPUR (May 19): AllianceDBS Research said CIMB Group Holdings Bhd (CIMB) was consolidating and that CIMB had on May 18 tested last Friday’s high of RM6.00 before closing at RM5.95 (down 1 sen or 0.16%).

In its eveving edition yesterday, the research house said CIMB continued to stay below the 20-day and 50-day moving average lines since April 29.

“Following the down close on May 18, the stock is likely to move between RM5.80 and RM6.00 in the coming few days.

“A crossover of RM6.00 should see further price rise to the next overhead resistance zone, RM6.07 – RM6.15. However, a fall below RM5.80 would put pressure on the stock down to the subsequent support zone, RM5.68 – RM5.75,” it said.  

AllianceDBS Research said stock volume traded on May 18 was 4.45 million shares compared to the 3-month average volume of 7.57 million shares.

The research house said that indicator wise, the MACD was marginally below the 9-day moving average line.