Alliance Bank Malaysia is attempting to extend the bullish trajectory after surging above the resistance on strong volume. The stock charted a long white candlestick on Friday and closed above the MYR5.10 resistance – showing a strong bullish momentum is in play. After the breakout, we expect a followthrough price action to test the next resistance at MYR5.35, followed by MYR5.70. By contrast, breaching below the MYR4.80 support will negate the bullish technical setup and kickstart a correction.

Source: RHB Securities Research - 20 Jan 2025