Affin Bank Bhd (AFFIN, 5185)

• AFFIN may extend it upward trajectory after breaking out from its 3-week bullish rectangularpattern, surpassing the immediate resistance of RM2.45 with a long white candle yesterday. In view of the stock hitting a new 52 week high coupled with the 20-day EMA remaining above the 50-day EMA since the bullish crossover in late Dec, the uptrend may continue in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM2.65 (R1) and RM2.80 (R2) in the near term.

• On the downside, stop-loss is set at RM2.20.

Source: Rakuten Research - 30 Jan 2024

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