Monday, December 09, 2013

Maybank- poised for the next upleg

Maybank has been in an intermediate downtrend, RR for the past 4 months. Recently it broke above this downtrend line at RM9.80. As Maybank's MACD is still in the negative territory, the stock is still not in advancing mode. However, with the market sentiment improving steadily, Maybank's participation is crucial and I believe it will join in soon.

With the bullish breakout and improving overall sentiment, I believe that Maybank shall begin its upleg soon.


Chart: Maybank's daily chart as at Dec 6, 2013 (Source: Tradesignum)

Based on technical consideration & reasonable valuation, Maybank could be a potentially trading BUY. 

Note:
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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2 comments:

  1. laiMonday, December 09, 2013 4:46:00 PM

    Hi Alex,

    i was just wondering how often you use the ichimoku cloud in determining your trading decision?

    thanks!

    ReplyDelete
  2. Alex LuFriday, December 13, 2013 4:42:00 PM

    Hi Lai,

    I don't use ichimoku cloud in my technical analysis. In fact, my technical analysis is very basic.

    ReplyDelete