KUALA LUMPUR (Sept 8): AllianceDBS Research said the immediate support for AMMB Holdings Bhd (AmBank) was at RM4.17 and that AmBank had on Sept 7 traded marginally lower to RM4.25 before closing off the day’s low at RM4.27 (down 3 sen or 0.69%).

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

“Following the down close on Sept 7, the stock is likely to move between RM4.17 and RM4.38 in the coming few days.

“A crossover of RM4.38 should see further price rise to the next overhead resistance at RM4.60.

“However, a fall below RM4.17 would put pressure on the stock down to the subsequent support zone, RM3.75 – RM3.90,” it said.

AllianceDBS Research said stock volume traded on Sept 7 was 7.37 million shares compared to the 3-month average volume of 4.51 million shares.

The research house said 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 the oversold zone.