Our ALGO engine triggered a buy signal for CIM at $48.20 into yesterday’s ASX close.
Shares of the infrastructure contractor have dropped over 8.5% since posting an all-time high of $52.70 on December 19th.
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With several large developments planned for domestic capitol cities, we see good fundamental support down into the $47.50 area.
Technically, the internal momentum indicators show the most over-sold condition in the last 18 months.
In addition, we point out that the limited share registry in CIM adds value at extreme price levels.
We see initial price resistance at the January 18th high of $49.70.
Cimic Group
