MAYBANK (Close Position @ RM9.57)

• Yesterday, MAYBANK fell 43.0 sen (-4.30%) to end at RM9.57.
• Since calling a ‘Trading Buy’ in May 22, the share had not been performing well and had experience immense selling pressure as shown by the string of long black bodied candlesticks formed.
• With the share having been breaking through our previously set support level of RM10.32, we think the uptrend is now broken and overall technical outlook has turned bearish.
• Thus, we decided to close position for now. Traders looking to exit position can consider selling on any near-term strength towards RM9.72 (R1) and RM9.98 (R2). Conversely, immediate support levels can be found at RM9.40 (S1) and RM8.90 (S2).

GCB (Not Rated)

• Yesterday, GCB rose 9.0 sen (5.4%) to close at RM1.77 accompanied by exceptional volume of 1.8m. This comes after the company released its quarterly results in the mid-day.
• Overall outlook is turning positive-bias with GCB breaking above its earlier resistance of RM1.75 and forming a higher high.
• Meanwhile, 20-day and 50-day SMA crossover alongside up trending momentum indicators are supportive of a followthrough buying.
• Expect recovery of share price towards RM1.86 (R1) and RM1.98 (R2) further up.
• Conversely, supports can be identified at RM1.65 (S1) and RM1.60 (S2).

Source: Kenanga Research - 31 May 2018