Alliance Bank Malaysia (ABMB | 2488)

Last Price: RM4.48 | Technical Call: BUY

We expect further upside for Alliance Bank Malaysia given that it took out the 8-week downtrend line with a long positive candle yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in early December 2023, the uptrend may continue in the near term. A bullish bias may emerge above the RM4.40 level with stop-loss set at RM4.23, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.70, followed by RM5.00.

Entry: RM4.40-4.48

Target: RM4.70, RM5.00

Exit: RM4.23

Source: AmInvest Research - 15 Oct 2024