The banking counters do not look good. These are my interpretations of the charts:
Affin: Broke monthly support, in the beginning of downtrend. If 1.48 failed to hold, then going into the abyss.
AMMB: In downtrend mode since March 2004. No sign of bottoming yet.
Commerz: Still in uptrend mode, but consolidating now. Possible support at 5.00
EONCap: No opinion
HLBank: Beginning of downtrend. Monthly support broken.
Maybank: In consolidation, still within uptrend support range but may be the beginning of downtrend. Monthly H&S formation.
Mplant: In consolidation, still within uptrend support range but may be the beginning of downtrend. Monthly H&S formation.
PBBank: Within uptrend support. In consolidation.
RHBCap: In uptrend but not much strength.
Sbank: In long term uptrend but currently indication consolidation time.
I’m staying out of banking counters as the charts are all not favourable and do not indicate a rally in the near future.
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