Malayan Banking Bhd (MAYBANK, 1155)

• MAYBANK is poised for a potential bullish breakout from its one-week rectangular pattern,targeting the immediate resistance at RM9.54. As the stock continues to distance itself from all EMAs lines coupled with the 20-day EMA remaining above the 50-day EMA since the bullish crossover in Jan, we opine the stock has a decent chance to stage a breakout.

• In the event if share price breaks above the RM9.54 neckline, this will improve market sentiment andshould lift the stock towards the subsequent level of RM10.14 (R1), followed by RM10.90 (R2).

• On the downside, stop-loss is set at RM8.68, below 4 Oct’s low.
  
  

Source: Rakuten Research - 27 Feb 2024

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