CIMB Group broke out from a 3-week bullish rectangle pattern yesterday, implying that its previous uptrend may have resumed. As the stock has surged to a new multi-year high with a long positive candle, the near-term bullish trend may still have legs. A bullish bias may emerge above the RM7.25 level with stop-loss set at RM6.97, below the 50-day EMA. Towards the upside, nearterm resistance level is seen at RM8.00, followed by RM8.50.

Entry : RM7.25–7.43

Target : RM8.00, RM8.50

Exit : RM6.97

Source: AmInvest Research - 1 Aug 2024