Maybank Banking Berhad (MAYBANK, 1155)

• MAYBANK rebounded above its RM10.30 resistance with a long white candlestick and trendingdecisively above its EMAs. Following its 9M2024 rally, the stock entered into a correction mode before consolidating. The recent breakout and sharp upturn, coupled with a potential bullish crossover, signal renewed optimism for a trend reversal.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance atRM10.60 (R1) followed by RM11.05 (R2) in the near term.

• On the downside, stop-loss is set at RM9.96.

Source: Rakuten Research - 23 Jan 2025

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