Maybank: Is it about to break above RM12.00

On January 11, I've highlighted that Maybank has broken below its short-term uptrend line at the RN11.40/50 level (go here). It has however rebounded 3 days later to stay above its uptrend line. Yesterday, it closed at RM12.00, its strong horizontal resistance (see Chart 1 below). Can it surpass this level?


Chart 1: Maybank's daily chart as at Jan 18

Based on the movement of Maybank-CA & Maybank-CB, I think it is likely that Maybank may break above the RM12.00 level soon. From Chart 2 & 3 below, you can see that the CWs have both broken above their respective triangle.

Chart 2: Maybank-CA's daily chart as at Jan 18


Chart 3: Maybank-CB's daily chart as at Jan 18