KUALA LUMPUR (April 15): AllianceDBS Research said CIMB Group Holdings Bhd was trading along the uptrend line and that CIMB had on April 14 traded higher to RM4.97 before closing at RM4.92 (up 3 sen or 0.61%).

In its evening edition yesterday, the research house said CIMB continued to trade above the 20-day and 50-day moving average lines.

“Following the up close on April 14, the stock is likely to move higher with immediate hurdle seen at RM5.00.

“A crossover of RM5.00 should see further price rise to the next overhead resistance zone, RM5.09 – RM5.18.

“The support is pegged at RM4.86. A fall below RM4.86 would put pressure on the stock down to the subsequent support at RM4.75,” it said.

AllianceDBS Research said stock volume traded on April 14 was 12.9 million shares compared to the 3-month average volume of 12.7 million shares.

The research house said that indicators wise, the MACD was still 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 an overbought zone.