Malayan Banking retreated after failing to break above the resistance price of RM8.63. With an RSI level in the oversold region, it may rebound higher if it breaks above the resistance price of RM8.63 in upcoming sessions. If this happens, its short term target price will be RM8.83 followed by RM8.88. Support price is anticipated at RM8.43, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM8.63

Target: RM8.83, RM8.88 (time frame: 3-6 weeks)

Exit: RM8.43

Source: AmInvest Research - 14 Aug 2019