AmInvest Research Reports
Stock on Radar - Alliance Bank Malaysia (ABMB)
AmInvest
Publish date: Tue, 15 Oct 2024, 10:15 AM
AmInvest
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All materials published here are prepared by AmInvest. For latest offers on AmInvest trading products and news, please refer to: https://www.aminvest.com/eng/Pages/home.aspx
Tel: +603 2036 1800 / +603 2032 2888
Fax: +603 2031 5210
Email: enquiries@aminvest.com
Office Hours
Monday to Thursday: 8:45am – 5:45pm
Friday: 8:45am – 5:00pm
(GMT +08:00 Malaysia)
Alliance Bank Malaysia (ABMB | 2488)
Last Price: RM4.48 | Technical Call: BUY
| Support 1: RM4.40 | Resistance 1: RM4.70 |
| Support 2: RM4.25 | Resistance 2: RM5.00 |
| Shariah Compliant: No | Sector: Financial |
We expect further upside for Alliance Bank Malaysia given that it took out the 8-week downtrend line with a long positive candle yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in early December 2023, the uptrend may continue in the near term. A bullish bias may emerge above the RM4.40 level with stop-loss set at RM4.23, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.70, followed by RM5.00.
Entry: RM4.40-4.48
Target: RM4.70, RM5.00
Exit: RM4.23
Source: AmInvest Research - 15 Oct 2024
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