Alliance Bank Malaysia’s buying interest is back after it pushed out of the 3-week bullish flag pattern with another white candle on Friday. As the 20-day and 50-day EMAs have established their bullish crossover since early August, the near term bullish trend may still have legs. A bullish bias may emerge above the RM3.60 level, with a stop-loss set at RM3.45, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM3.80, followed by RM4.00.

Entry : RM3.60–3.63

Target : RM3.80, RM4.00

Exit : RM3.45

Source: AmInvest Research - 5 Sept 2022