AMMB Holdings Bhd (AMMB, 1015)

• AMBANK closed 5.4% or 16 sen higher to RM3.14 yesterday.

• Following the sharp sell down on 3 March 2021, share price has been on a steady recovery mode from the low of RM2.63. Yesterday’s price action indicates the momentum is likely to be extended with positive candle, accompanied by higher volume and bullish signal from indicators.

• As such, immediate resistance level is identified at RM3.18 (R1) and should it able to break past the first key resistance level, share price is projected to rise towards RM3.45 (R2).

• Conversely, support levels are set at RM2.93 (S1) and RM2.85 (S2).

Source: Rakuten Research - 6 Apr 2021