Malayan Banking broke past the resistance price of RM8.68 in the latest session. With the momentum indicator RSI above 60%, it may continue to move towards the short-term target price of RM9.00 followed by RM9.22. If it dips below RM8.68, expect a sideway consolidation again. In this case, support price is anticipated at RM8.46, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM8.68

Target: RM9.00, RM9.22 (time frame: 3-6 weeks)

Exit: RM8.46

Source: AmInvest Research - 7 Nov 2019