KUALA LUMPUR (Sept 11): AllianceDBS Research said the immediate hurdle for Malayan Banking Bhd (Maybank) was at RM8.65 and that Maybank had on Sept 10 traded lower to RM8.46 before closing at RM8.55 (down 7 sen or 0.82%).

In its evenin edition yesterday, the research house said Maybank fell back below the 20-day MA line on May 10, 2015 after spending 1 day between the 20-day and 50-day moving average lines.

“Following the down close on Sept 10, the stock is likely to move between RM8.32 and RM8.65 in the coming few days.

“A fall below RM8.32 should see further price decline to the subsequent support zone, RM8.18 – RM8.22.

“However, a rise above RM8.32 would lift the stock to the next resistance zone, RM8.70 – RM8.80,” it said.

AllianceDBS Research said stock volume traded on Sept 10 was 16.9 million shares compared to the 3-month average volume of 10.9 million shares.

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

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