Tuesday, March 26, 2013

Maybank may have a bullish breakout

Maybank has just broken above its strong horizontal resistance at RM9.30. Its target is likely to be its next resistance at RM10.00. The run-up would coincide with the announcement of the ex-date for its 33-sen dividend which was proposed in February. The likely ex-date will in in April.

Based on technical consideration and the fact that Maybank is a fairly attractive banking stock (here), the stock could be a good trading BUY.

Chart: Maybank's weekly chart as at March 26, 2013_9.30am (Source: quickcharts)

In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Maybank.

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