* Public Bank (RM11.98, SELL) ? Strong resistance ahead.
* Alliance Financial Group (RM2.55, SELL) ? Sell into strength.
* AMMB Holdings (RM5.21, SELL) ? Uptrend losing a bit of steam.
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Public Bank (RM11.98) ? SELL
FY10P/E: 14.7x, P/BV: 3.8x

? Since our ?Buy? rating in the 4th Jan issue, its share prices had rallied to a record high of RM12.14. Although this may be a sentiment booster, the daily chart suggests that the bulls need to be cautious here. Prices are now challenging the resistance trend line, which is a tough level to break.
? In the past few attempts, the breakout run failed to materialise, and broker thinks this time may be indifferent. MACD histograms are losing some pace here while its RSI has also hooked downward, suggesting that underlying tone has weakened.
? Sell into strength is likely the best option here. Unless it can break above RM12.14 and holds steady, we believe the bears are slowly creeping in. Support is seen at RM11.30 and RM10.60.

Public Bank provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services.
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Alliance Financial Group (RM2.55) ? SELL
FY10P/E: 15.2x, P/BV: 1.4x

? The daily chart for Alliance Financial Group is showing some signs of exhaustion. The first wave of selling (from its peak of RM2.95) ended near RM2.29, and prices have rebounded since then. Yet, this recovery appears to be weak, as it has failed to break above the key RM2.60 resistance line.
? Its recent rebound also failed to move above the support-turned-resistance trend line, a sign of dwindling buying interest. This coupled with the weak MACD and RSI readings, shows that there is still room to the downside.
? Any upswing towards the RM2.60 level is an opportunity to take profit. Even if this level is taken out, there is also a cluster of resistances at RM2.65-RM2.70 (between its 50-day SMA and support-turned-resistance trend line). Support is weak at RM2.40 and RM2.29.

Alliance Financial Group is an investment holding company. Through its subsidiaries, the company has operation in commercial and merchant banking, provides financing and nominee services, and invests in property.
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AMMB Holdings (RM5.21) ? SELL
FY10P/E: 15.8x, P/BV: 1.7x

? On the daily chart, AMMB is still holding on to its uptrend channel. However, broker believes it is losing a bit of steam here. The 30-day SMA is about to cut below its 50-day SMA, suggesting that its underlying sentiment has weakened. In fact, the monthly chart shows that it is testing a key resistance level (at RM5.30)
? The bearish divergence on its MACD does not bode well for its uptrend. Meanwhile, its RSI has also hooked downward. If prices fall below RM5.00, then expect a deeper correction to be underway. Next downside target is at RM4.75 and RM4.55.
? Traders should do well taking some profits now, or sell-into-strength towards the RM5.30 resistance level.

AMMB Holdings is an investment holding company. The company, through its subsidiaries, provides merchant and commercial banking, retail financing, stock and futures broking, and investment advisory.