KUALA LUMPUR: Shares of AMMB HOLDINGS BHD [] advanced to a high of RM6.20 in late morning on Wednesday, Oct 27 after the shares broke out from the RM5.94 congestion level.

At 11.08am, it was up 13 sen to RM6.20 with 1.5 million shares done.

RHB Research said next resistance level is seen only at RM6.50 after breakout from RM5.94

The research house said that on Tuesday, it registered a huge bullish candle to close at RM6.07, with an upbeat reading on the momentum indicators.

"Technically, the stock is poised to confirm a breakout pattern from the recent congestion near RM5.94. Its next resistance level is seen only at RM6.50.A successful neutralisation of RM6.50 will lead to a further rally towards RM7.40," it said.

An immediate support is situated at the recent congestion area at RM5.94.