Wednesday, April 6, 2011

CIMB Research sees more upside for Maybank's share price

KUALA LUMPUR: CIMB Retail Research said it appears that Maybank has broken out of its triangle resistance on Tuesday, April 5.

In its technical outlook on Wednesday, it said If prices can hold steady above the resistance-turned-support channel at RM9, there is a good chance that prices may swing towards RM9.38 and RM9.90 soon.

'Both MACD and RSI are still rising, suggesting that the bulls still have legs. Risk takers may start to nibble now while others should wait for the formation of a new base before jumping onto the bandwagon. A fall below RM8.92 would trigger out stop,' it said.

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