Alliance Bank Malaysia is moving sideways, testing the RM3.31 resistance level. With its 21-day moving average in an uptrend, coupled with a higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM3.42 and RM3.56. The downside support is projected at RM3.18. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM3.31

Target: RM3.42, RM3.56 (time frame: 2-4 weeks)

Exit: RM3.18
 

Source: AmInvest Research - 7 Feb 2022