Alliance Bank Malaysia Bhd (ABMB, 2488)

• Share price closed 1.55% higher at RM3.27 on Tuesday.

• ABMB’s share price has rebounded off its low of RM3.20 on 1st July and gained some buying interest over the past 2 trading days. Moreover, BNM’s decision on possible interest rate hike will benefit ABMB.

• Backed by upticks in its indicators and bullish MACD crossover seen on Tuesday, we believe its share price is expected to move higher.

• Resistance levels are identified at RM3.34 (R1) and RM3.42 (R2).

• On the flipside, support levels are pegged at RM3.16 (S1) and RM3.12 (S2).

Source: Rakuten Research - 6 Jul 2022