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Thursday, 2 August 2018

CIMB Bank: 2 August 2018, Thursday, 11.33pm Singapore Time


CIMB Bank: 
2 August 2018, Thursday, 11.33pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Technicals for CIMB Bank that is listed in the KLSE (KLSE: 1023). CIMB has completed back-testing the light green support zone and is currently confirming the Yellow support zone as well. Successful backtest of Yellow support zone and Light Green support zone means that $7.40 resistance will be broken up for more new highs in the coming months to year 2019. The 2 heavy volumes of selling absorption will provide the fuel for a significant rally. Price structure as follows -- Long Term: Uptrend; Mid Term: Correction; Short Term: Sideway/Uptrend to End Correction

The Donovan Norfolk Technical Rating of Worldwide Equity Markets: 
Bullish

Additional Note:
Worldwide bank stocks are expected to shoot through the roof in 2H-2018 and 2019. More waves of super rally in equity markets can be expected in 2H-2018, 1H-2019 and 2H-2019 -- amidst the backdrop of 80% market majority having the conviction of a bear market coming.

Important Cross-Reference:
http://donovan-ang.blogspot.com/2018/07/spdr-financial-select-sector-index.html


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