We expect further upside in Alliance Bank Malaysia given that it took out the 3-month downtrend line with a white candle yesterday. The stock also broke out of the rectangle pattern with the upward momentum appears to be picking up. A bullish bias may emerge above the RM3.34 level, with a stop-loss set at RM3.09, below 15 July’s low. Towards the upside, the near-term resistance level is seen at RM3.60, followed by RM3.80.

Entry : RM3.34–3.42

Target : RM3.60, RM3.80

Exit : RM3.09

Source: AmInvest Research - 26 Jul 2022