Malayan Banking may trend higher after it posted a white candle and hit a new 52-week high last Friday. The stock also broke out from the 1-week bullish rectangle pattern, likely indicating that the near-term bullish trend may persist. A bullish bias may emerge above the RM8.80 level, while a stop-loss is set at RM8.58, below 24 Feb’s low. Towards the upside, we are eyeing the near-term resistance level at RM9.20, followed by RM9.50.

Entry: RM8.80–8.88
Target: RM9.20, 9.50
Exit: RM8.58
 

Source: AmInvest Research - 28 Feb 2022