Alliance Bank Malaysia was testing the resistance price of RM2.95 in its latest session with higher trading volume.With an RSI above 50%, there is a possibility it will break above the resistance and move towards RM3.12, followed by RM3.29. If it fails to cross RM2.95, it may lose momentum and move sideways. Support is anticipated at RM2.78 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM2.95

Target: RM3.12, RM3.29 (time frame: 3-6 weeks)

Exit: RM2.78

Source: AmInvest Research - 21 Oct 2019