AFFIN’s technical picture has turned positive following a breakout above its 4 months high to settle at RM4.39 (+8 sen) yesterday. Despite positive indicators, the thin trading volume failed to lend strength to support the bullish breakout. On the broader technical picture, we believe the RM4.56 level should be the crucial resistance to break for the previous uptrend to resume. Hence, we suggest trader to keep an eye out for a meaningful upside breakout before taking action. Should that be the case, the RM5.00 psychological resistance should be the short-term target with strong support zone pegged at RM4.30-RM4.36.

 

Source: Kenanga