We expect further upside for Alliance Bank Malaysia after it recovered above its 20-day and 50-day EMAs recently. With the stock pushing near its 52-week high, which coincides with its rising EMAs, the uptrend may continue in the near term. A bullish bias may emerge above the RM3.60 level, with a stop-loss set at RM3.48, below 26 Sep’s low. Towards the upside, the nearterm resistance level is seen at RM3.80, followed by RM4.00.

Entry : RM3.60–3.65

Target : RM3.80, RM4.00

Exit : RM3.48

Source: AmInvest Research - 20 Oct 2022