Rakuten Trade Research Reports
Technical View - AMMB Holdings Bhd (AMBANK, 1015)
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Publish date: Wed, 06 Nov 2024, 09:41 AM
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To sign up for an account: http://bit.ly/40BNqKI
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Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
AMMB Holdings Bhd (AMBANK, 1015)
- We believe AMMB is positioning for an upward trend after breaking out from its 1-week bullish flag pattern with two consecutive white candlesticks to close above the 20-day EMA. In view of the rising RSI coupled with the widening gap between both the 20-day and 50-day EMAs, this further reinforces the near-term bullish momentum.
- We anticipate the upward trajectory to steer the stock higher and test the next resistance at RM5.32 (R1) followed by RM5.45 (R2) in the near term.
- On the downside, stop-loss is set at RM4.93.
Source: Rakuten Research - 6 Nov 2024
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