Maybank may have a bullish breakout

Maybank has just broken above its ascending triangle at the RM4.20 level. Its current price is at RM4.28 as at 3.30 pm. The next resistance is at 100-day SMA of RM4.50. Could this breakout signal the start of the recovery in the share price of Maybank (which made a high of RM9.50 in January 2008)? Or, is this merely the result of local funds supporting the stock ahead of the closing date for the acceptance of the Rights Issue (which is on April 21st)?

I think this breakout makes Maybank a trading BUY. I am still cautiously optimistic that we may have seen the worst for Maybank in this cycle.


Chart: Maybank's daily chart as at 14/4/2009 (Source: Tradesignum.com)