AMBANK (1015) - AMBANK: Broke Above Its Downtrend Line
In early March, I wrote again about AMBANK testing its downtrend line (here). On April 21, AMBANK finally broke above its long-term downtrend line, RR at RM5.00. See Chart 1 below.
Chart 1: AMBANK's weekly chart as at April 27, 2017_12.30 (Source: Malaysiastock.biz)
If you look closely, there is a minor resistance at the recent high of RM5.02 that capped the price rise for 4-5 weeks. The upside breakout of the long-term downtrend line and the recent high of RM5.02 set this stock free. It soared immediately to the psychological level of RM5.50 before correction set in.
Chart 2: AMBANK's daily chart as at April 27, 2017_12.30 (Source: Malaysiastock.biz)
Based on my previous financial analysis and the current technical breakout, AMBANK is a good stock to invest for long term.
AMBANK (1015) - AMBANK: Broke Above Its Downtrend Line
http://nexttrade.blogspot.my/2017/04/ambank-broke-above-its-downtrend-line.html
