Chart: CIMB's daily chart as at July 26, 2010 (Source: Quickcharts)
Based on the technical breakout, CIMB is a trading BUY.
Tuesday, July 27, 2010
CIMB has a bullish breakout
CIMB broke above its medium-term downtrend line at RM7.20 on July 21. Yesterday, it broke above its April 5 high of RM7.41. With these double breakouts, CIMB is continuing on its prior uptrend.
Chart: CIMB's daily chart as at July 26, 2010 (Source: Quickcharts)
Based on the technical breakout, CIMB is a trading BUY.
Chart: CIMB's daily chart as at July 26, 2010 (Source: Quickcharts)
Based on the technical breakout, CIMB is a trading BUY.
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4 comments:
CIMB had rise to 7.40. Do you think it can still move upward?
How about Affin Bank, it has been quite steady at 3.00 range.
Hi Lim
CIMB gave me reason to be concerned yesterday when it dropped back below the recent high of RM7.41 level, which it had surpassed on Monday. If you follow 2B Rule, where..."(in) an uptrend, if a higher high is made but fails to carry through, and then prices drop below the previous high, then the trend is apt to reverse." (see link below). However, CIMB managed to come up again before I post a warning about a possible breakout failure. We have to watch CIMB closely.
Affin Bank is trapped with a medium-term downtrend line at RM3.08 & a long-term uptrend line at RM3.00. An upside breakout above RM3.08 could signal the continuation of the prior uptrend.
http://short-termtrading.blogspot.com/2007/11/2b-rule.html
CIMB has started to ease. What would be a good entry level?
Hi Amin Manap
The good entry level for CIMB is at RM7.41, which is the high recored on April 9.
The last 2 times CIMB surpassed its preceding reaction high, it went up RM0.90-1.00. If the same were to happen this round, it may hit a high of RM8.40.
However, it must be noted that while CIMB is rising, some indicators are not. This bear divergence is a ground for concern.
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