CIMB Group Holdings Bhd (CIMB, 1023)

• CIMB may trend higher after it surged to an all-time high last Friday, breaking out from its three-week ascending triangle pattern. With the stock pulling further away from all the EMAs coupled with its RSI indicator pointing upwards, ongoing bullish momentum appears to be picking up.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM8.06(R1), followed by RM8.50 (R2).

• On the downside, stop-loss is set at RM6.98.
  

Source: Rakuten Research - 19 Aug 2024

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