Alliance Bank Malaysia broke out from its 2-month rectangle pattern yesterday, implying that a bullish reversal sign may have  occurred. The stock also posted 2 white candles in a row with its 20-day EMA starting to turn upward, likely suggesting that bullish  momentum is picking up further. A bullish bias may emerge above the RM3.40 level, with stop-loss set at RM3.21, below the 24  Mar low. Towards the upside, near-term resistance level is seen at RM3.60, followed by RM3.75.

Entry : RM3.40–3.45

Target : RM3.60, RM3.75

Exit : RM3.21

Source: AmInvest Research - 1 Jun 2023