KUALA LUMPUR (Dec 19): AllianceDBS Research said CIMB Group Holdings Bhd (CIMB) had on Dec 18 traded lower to RM5.58 before closing at RM5.63 (down 8 sen or 1.40%).

In its evening edition yesterday, the research house said CIMB continued to trade below the 20-day (blue) and 50-day (red) moving average lines in the last 2 days.

“Following the off day’s low down close on Dec 18, the stock is likely to move higher with immediate hurdle at RM5.75.

“A crossover of RM5.75 should see further price rise to the next overhead resistance zone, RM5.90 – RM6.00.

“The support is pegged at RM5.58. A fall below RM5.58 would put pressure on the stock down to the subsequent support zone, RM5.40 – RM5.50,” it said.

AllianceDBS Research said stock volume traded on Dec 18 was 9.53 million shares compared to the 3-month average volume of 10.4 million shares.