TECHNICAL OUTLOOK

Technical Target: RM11.50 followed by RM12

Uptrend: The stock has been in a strong uptrend for an extended period, indicated by the rising trendline and higher highs.

Strong Support: The 200-day moving average (MA) has consistently acted as a support level, reinforcing the bullish trend.

Positive Indicators: The Moving Average Convergence Divergence (MACD) is currently above the signal line, suggesting a bullish momentum. The Relative Strength Index (RSI) is also above 50, indicating a healthy uptrend.

Volume Accumulation: There has been a steady accumulation of volume, particularly on dips, which is a positive sign.

Weaknesses:

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Overbought Conditions: The RSI has recently reached overbought levels, suggesting a potential short-term pullback.

Volatility: The stock has shown increased volatility, particularly during periods of market uncertainty.

Comment: Overall uptrend is intact but price may have entered overbought condition.

LATEST FUNDAMENTAL NEWS

1. Maybank 2nd Quarter 2024 net profit increased 8.2% to RM2.53 billion. This is due to lower provisions and tax expenses.

2. According to its filing with Bursa, Maybank maintains its target to achieve return-on-equity (ROE) of 11% for FY2024. 

3. The company announced a dividend of 29 sen per share similar to the level announced last year.

Details:

​Announcement of earnings​