Alliance Bank Malaysia may soon retrace its path to test the RM1.47 level. If this happens, the RSI indicator may drop further into the oversold region. This indicates that there is a possibility it will experience a technical rebound towards the short-term target prices of RM1.53 and RM1.65. The downside support is anticipated at RM1.40, whereby traders may exit on a breach to avoid the risk of a further correction Trading Call: Buy on breakout RM1.47

Target: RM1.53, RM1.65 (time frame: 3-6 weeks) Exit: RM1.40

Source: AmInvest Research - 19 Mar 2020