Technical Analysis Of Maybank

The surge in foreign funds investing in finance stocks has lifted many Malaysian bank stocks higher. Maybank is now making a nice uptrend in the daily chart. Will it be able to overcome the old highs to make a new all time high?

April 26 2018

Looking at the price chart of this stock is a pleasure. Sometimes its so difficult to navigate through the zig and zag of certain indexes and stuff but one look at this stock tells us that MBB is in a nice uptrend.

I always believe its easiest to play stocks that are trending up. Period.

So far Maybank is still in a nice uptrend.

Since Maybank makes up about 10% of the entire Malaysian stock market capitalization, the fact that it is in an uptrend bodes well for the Malaysian KLCI.

The stock is still above its rising 50 MA and thus we should continue to be bullish on this one. Do be careful if it slashes below the 50 MA in a big red bar or heavy volume. The support areas to watch I have highlighted above and any break below each one will make us more bearish on MBB. But so far it has not broken below those support areas and we should therefore be bullish.

The weekly chart of Maybank is also very healthy.

I believe that the supply from the left back in 2013 to 2014 has been more or less absorbed and since the stock is in an uptrend in the daily chart and weekly chart we should continue to be bullish on Maybank. The bias for it to make new highs is also in favor of the bulls.

To get a possible target we can use the measured move.

January 31 2018

Technical Analysis Of Maybank

We will look at the weekly chart of Maybank first.

The stock has started a weekly uptrend a long time ago. After breaking the weekly downtrend line, this stock changed from being in a long term downtrend to a weekly uptrend.

I believe the supply and resistance around 10.00 has already been absorbed by the nice run up in 2017. Therefore it leaves only the resistance near 10.50 to be absorbed.

The chart above is the daily chart of Maybank.

As you can see, there is lots of support around the 9.60 to 9.80 area. Therefore, it will not be easy for the bears to creep in. Since the stock is in an uptrend and there is lots of support below, it is very possible that Maybank will be able to overcome its old highs to make a new all time high.

Last of all, I would like to show you the weekly chart of the Malaysian finance sector. The entire sector itself is leading Maybank as it has broken out of the old highs set in 2014.

Since an old high once broken becomes a new support, as long as the sector stays above this support area, I believe Maybank has a very big probability of moving higher and making record highs.

  • If you like this article, consider starting the Stock Market Course. It is free and jam packed with great information for newbies.
  • Want to have updates on the financial markets? Join my Telegram Channel. Channel.
  • Help support this page and press the Facebook Like button below. Thanks!

Recent Articles

  1. Stock Market Analysis Jan 8 2019 Tuesday

    Jan 08, 19 05:35 AM

    Is the market ready for a fresh new start for 2019 and will this be a recovery and start of a new rally. Let's take a look at the charts.

    Read More

  2. Dow Jumps Higher After Trade War Pause, Will Markets Go Even Higher?

    Dec 03, 18 08:16 AM

    With an agreement to pause the trade war, Dow is about to jump 450 points higher, but will this rally sustain and go even higher? Lets take a look at the charts.

    Read More

  3. Bull Run To Year End In US Market? It All Depends On This...

    Nov 29, 18 07:51 AM

    Yesterday we saw a huge big rally 600 ++ points. The question now is this rally sustainable and will we have a beautiful Christmas in the stock market this year. Here are a few things to look out for…

    Read More

  4. Technical Analysis Of KLCI 29 November 2018

    Nov 29, 18 07:35 AM

    This sideways movement in the KLCI is really giving investors and traders a headache. What we are experiencing now is a volatility contraction which is often followed by volatility expansion.

    Read More

  5. Nasdaq Tries To Bottom But Still Faces Selling Pressure Nov 26 2018

    Nov 26, 18 08:52 AM

    As the techs reach an area of long term support, its going to be a choppy ride as the market decides whether support will hold or the downtrend continues...

    Read More

New! Comments

Have your say about what you just read! Leave me a comment in the box below.