Alliance Bank Malaysia Berhad (ABMB, 2488)

• ABMB may maintain its bullish trajectory, given that the stock is trading above the EMA-20 and EMA-50, both of which are trending upwards, signalling continuing strength in the short and medium- term.

• The EMA-20 is above the EMA-50, which is typically a sign of a strong uptrend. We expect the risingmomentum to steer the stock higher and test the next resistance of RM4.45 (R1) followed by RM4.60 (R2) in the near term. Additionally, the RSI is near the overbought level further indicating strong momentum if the stock continues to rise.

• On the downside, stop-loss is set at RM4.00, below 50 days EMA.
  

Source: Rakuten Research - 26 Aug 2024

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