Rakuten Trade Research Reports

Technical View - Alliance Bank Malaysia Bhd

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Publish date: Wed, 11 Sep 2024, 09:25 AM
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Alliance Bank Malaysia Bhd (ABMB, 2488)

  • Buying interest of ABMB appears to have returned after it broke out from the bullish pennantpattern yesterday. In view of the stock bouncing off the 20-day EMA supported by a second consecutive white candle coupled with rising RSI, the bullish momentum appears to be gaining traction.
  • We anticipate the rising momentum to steer the stock higher and targeting the next resistance ofRM4.46 (R1) followed by RM4.60 (R2) in the near term.
  • On the downside, stop-loss is set at RM4.15.

Source: Rakuten Research - 11 Sep 2024

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