Alliance Bank Malaysia has been sold down during the last few sessions, and it has become oversold. It may rebound higher in the coming session if it breaks above the immediate resistance price of RM3.75. If this happens, the short-term target prices will be RM3.92 and RM4.15. Support is anticipated at RM3.12, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM3.75

Target: RM3.92, RM4.15 (time frame: 3-6 weeks)

Exit: RM3.55

Source: AmInvest Research - 16 May 2019