Friday, September 14, 2012
CIMB did a V-spike recovery
What a drop! What a rebound! CIMB which broke its intermediate uptrend line recently and did a volte-face and rebound above the uptrend line. It made an intraday high of RM7.73- just 2 sen shy off nearly the strong horizontal resistance at RM7.75.
Chart: CIMB's daily chart as at September 14, 2012_9.45am (source: Quickcharts)
The sharp rebound cannot continue for long. Those who went 'contrarian' and bought at the low price, should consider taking some profit near the strong horizontal resistance of RM7.75. Those who missed buying at the low, should wait for a pullback to the uptrend line support at RM7.50.
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, CIMB.