KUALA LUMPUR (May 30): AllianceDBS Research said the immediate support for AMMB Holdings Bhd (AmBank) was at RM4.17 and that AmBank had on May 27 traded within previous day’s range to form an inside day bar before closing at the day’s high of RM4.40 (up 21 sen or 5.01%).

In its evening edition  last Friday, the research house said AmBank continued to trade below the 20-day and 50-day moving average lines.

“The inside day bar indicated a breather in the game play.

“Following the up close on May 27, the stock is likely to move between RM4.17 and RM4.41 in the coming few days.

“A rise above RM4.41 would lift the stock to the next resistance at RM4.50 – RM4.70.

“However, a fall below RM4.17 should see further price decline to the subsequent support zone, RM3.50 – RM3.75,” it said.

AllianceDBS Research said stock volume traded on May 27 was 3.87 million shares compared to the 3-month average volume of 2.69 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.