We expect further upside for Alliance Bank Malaysia after it surged above the RM4.10 resistance and hit a new multi-year high 2 sessions ago. With 20-day EMA remaining above the 50-day EMA since a bullish crossover in early December 2023, the uptrend may continue in the near term. A bullish bias may emerge above the RM4.10 level with stop-loss set at RM3.85, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.50, followed by RM4.70.

Entry : RM4.10–4.16

Target : RM4.50, RM4.70

Exit : RM3.85

Source: AmInvest Research - 16 Aug 2024