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Rakuten Trade Research Reports

Author: rakutentrade   |   Latest post: Thu, 5 Dec 2019, 9:25 AM

 

Technical View - Alliance Bank Malaysia Bhd (ABMB, 2488)

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Alliance Bank Malaysia Bhd (2488)

• ABMB closed 2.2% or 6 sen higher to RM2.84 yesterday.

• Share price seems to have found its bottom at RM2.57 followed with a rebound in mid-October on the back of improving trading volume. As such, we believe the share price recovery is likely to continue and current level offers accumulation opportunity.

• From here, resistance levels are expected at RM2.94 (R1) and further to RM3.12 (R2).

• On the contrary, support levels can be seen at RM2.68 (S1) and RM2.57 (S2).

Source: Rakuten Research - 12 Nov 2019

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Labels: ABMB

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