Malaysia Building Society Bhd - Pullback buy setup?

Malaysia Building Society Bhd (MBSB) is set to become a full-fledged Islamic bank following the completion of its acquisition of AFB (Asian Finance Bank). MIDF Research report dated 09 Oct 2018 reported.

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We believe the Group have the potential to grow out of its current shell and flourish as an Islamic bank entity. We opine the status of the Group will be significantly enhance once it becomes a full fledged  Islamic bank...
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With good fundamental reason to back further growth in MBSB, it is reasonable to expect that its share price will follow suit moving forward.

Is it the right time to buy MBSB? Technical analysis shows MBSB is still in a downtrend but recent upward price movement suggests that the downward pressure could be waning.  Daily chart shows MBSB has broken above its 20MA line showing buyers interest. A pullback buy setup would be in place if it retraces down to the 20MA and the Fibonacci 61.8 retrace level at 0.935.

Disclaimer:
Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.