Thursday, February 9, 2012

Stock to watch: AMMB (RM:5.96 Trading Buy)

Stock to watch: AMMB (RM:5.96 Trading Buy)

AMMB to retest 200-d SMA

AMMB prices tumbled from 52-wk high at RM7.18 on 6 January 2011 to a low of RM5.30 on 26 September 2011. Thereafter, it was trapped in range bound trade within the RM5.45-6.05 region.

AMMB is consolidating upwards along the uptrend line formed since September 11 low. Following the triangle breakout, AMMB could test higher ground over the next few sessions with immediate resistance at RM6.15 (200-d SMA).

A more bullish outlook would only appear if share price manages to close consistently above the 200-d SMA. The next upside targets are RM6.23 (50% FR) and RM6.46 (38.2% FR).

5.86 (100-d SMA), RM5.82 (mid Bollinger band) and RM5.71 (lower Bollinger band). Cut loss below RM5.71.

Daily AMMB - A Positive Triangle Breakout Will Lead To Further Advance Towards Downtrend Line Resistance
AMMB 09-02-2012

Weekly AMMB - Upside Targets Near RM6.23 - RM6.46 Levels
AMMB 09-02-2012a



Source: HLIB Research

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