Affin Bank Berhad (AFFIN, 5185)

• Share price closed 2% higher at RM2.04 on Friday.

• AFFIN is currently trading above its key moving average lines and formed a rounding bottom. In view of the upcoming US interest rate hike, banking sector could be a theme play this week. Coupled with the indicators are showing uptick movement, the share price is expected to move higher.

• Resistance levels are identified at RM2.06 (R1) and RM2.10 (R2).

• On the flipside, support levels are pegged at RM1.97 (S1) and RM1.89 (S2).

Source: Rakuten Research - 25 Jul 2022