KUALA LUMPUR (June 17): AllianceDBS Research said CIMB Group Holdings Bhd (CIMB) was under downward pressure and that CIMB had on June 16 fell below the RM4.28 support to settle at the day’s low of RM4.20 (down 14 sen or 3.22%).

In its evening edition yesterday, the research house said CIMB continued to trade below the 20-day and 50-day moving average lines in the last 3 days.

“Following the down close on June 16, the stock is likely to move lower again with immediate support seen at RM4.05.

“A fall below RM4.05 would put pressure on the stock down to the subsequent support zone, RM3.90 – RM3.95.

“The hurdle is pegged at RM4.28. A crossover of RM4.28 should see further price rise to the next overhead resistance at RM4.59,” it said.

AllianceDBS Research said stock volume traded on June 16 was 13.9 million shares compared to the 3-month average volume of 17.7 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently an oversold zone.