RHB Equity 360° (Kencana Technical: Maybank) - 20/04/2010
RHB Equity 360° (Kencana Technical: Maybank) - 20/04/2010
RHB Equity 360° (Kencana Technical: Maybank) - 20/04/2010
Technical Highlights
Daily Trading Strategy : Any rebound would likely be capped by the 10-day SMA…
- If not for the mild afternoon recovery in some regional peers, like Hang Seng and a firm start in the early
European markets, the FBM KLCI would probably have closed the day with another bearish candle that
could press the sentiment even more bearish today.
- However, with a potential “hammer” candle recorded yesterday, there is a chance of technical recovery
today.
- But, investors should be aware that the short-term technical outlook has turned negative after the index lost
the 10-day SMA of 1,336 late last week.
- As a result, the rebound, if any, could be brief and a clear resistance can be expected near the key
support-turn-resistance level of the 10-day SMA.
- Surrounded with the probe on Goldman Sachs and potential similar probes in Europe, China’s tightening
moves and fears of economic repercussions from the volcanic ash cloud in European skies, trading
sentiment in the local bourse could remain lukewarm in the near term.
- Without reclaiming the 10-day SMA, the short-term target of the FBM KLCI should stay at the 40-day SMA
of 1,312, a 2.6-pts technical gap near 1,305 and the 1,300 level.
Daily Technical Watch: Maybank – A technical rebound underway, but the cap is at the RM7.50 region …
- 10-day SMA: RM7.492
- 40-day SMA: RM7.328
- Support: IS = RM7.32 S1 = RM6.86 S2 = RM6.26
- Resistance: IR = RM7.70 R1 = RM8.15
Bulletin Board
Important Dates
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Stock Ratings
Outperform = The stock return is expected to exceed the FBM KLCI benchmark by greater than five percentage points over the next 6-12 months.
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Industry/Sector Ratings
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