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Winds Of Change. A storm that is brewing round the corner or just ripples before calamity returns to the stock market?
 
Malaysia

AFFIN
 

Surprisingly, Affin appears resilient against the sell-off seen in the general market. The uptrend for Affin is still intact as it continues to trade above its 20 and 50-day moving averages. However an interesting observation to note will be the MACD Histogram as it has started to form a series of lower highs compared against a movement of higher highs seen in the price action of Affin. A sign of bearish divergence which indicates that the upside momentum is waning. In addition, the RSI oscillator is also exhibiting a sign of weakness as it has started to turn down from the 70% overbought level. Given such negative elements, its immediate support at RM2.47 appears vulnerable.  A violation below it may damage the uptrend and see a sell-off towards the next support at RM2.18. However a break above the immediate resistance at RM2.70 may open up scope for further upside to test the next resistance of RM3.00.

 
 
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