MAYBANK

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Maybank together with other global financial stocks had a tremendous rally from its March low of R M3.54 to its recent high of RM6.15. However the recent uptrend may be showing signs of exhaustion as ADX had begun to move downwards in addition with a bearish divergence seen in the RSI. Be on the lookout for its immediate classical support at RM5.35 which also coincides closely with its 50-day moving average. A violation below it may see a correction towards its next strong support at RM4.80. Immediate resistance is now at RM45.90 and a break above may resume its prior uptrend towards the next target of RM 6.49

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