Wednesday, February 23, 2011

AMMB Daily Chart: More Consolidations Before Staging Another Upturn.

AMMB – Sideways consolidation before the next upturn.

After hitting 52-wk high of RM7.18 on 6 Jan, AMMB fell to as low as RM5.99 on 11 Feb (near the 76.4% FR) before recovering to RM6.33 yesterday. At this juncture, we think a near term bottom could have been found within the lower Bollinger band and the 4-month low of RM5.99, as technical readings are improving.

For the bulls, price must not fall below its recent low of RM5.99. Otherwise, it would mean the beginning of the next down leg, which could push price lower towards RM5.85 (180-d SMA) and RM5.75 (200-d SMA).

Nevertheless, technical reading suggests that it should fill the RM6.39 (50% FR) and RM6.50 (mid Bollinger band) immediate resistance after a brief sideways consolidation before heading towards RM6.57 (38.2% FR). A push above this level will
indicate that there is more room to the upside to RM6.80 (23.6% FR) and RM6.92 (upper Bollinger band), with RM7.18 being the final target.

AMMB Daily Chart: More Consolidations Before Staging Another Upturn.
AMMB 23-02-2011


Source: HLeBroking

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