AMBANK has taken out its previous high @RM7.48 after the share price rallied for a fifth straight day to close at RM7.64 (+12 sen). The technical picture looks bullish now as the MACD has made an obvious crossover above the signal while the RSI is picking up the momentum with strong buying volume.  Nonetheless, we suggest trader should wait a slight pullback closer to the  RM7.48 support level before buying into the stock. Traders should then target RM8.15 as profit level within a 3-6 months timeframe. Meanwhile, downside is likely to be capped at RM6.97.

 

Source: Kenanga