Alliance Bank Malaysia Bhd (ABMB, 2488)

• Buying interest of ABMB appears to have returned after it broke out from the bullish pennantpattern yesterday. In view of the stock bouncing off the 20-day EMA supported by a second consecutive white candle coupled with rising RSI, the bullish momentum appears to be gaining traction.

• We anticipate the rising momentum to steer the stock higher and targeting the next resistance ofRM4.46 (R1) followed by RM4.60 (R2) in the near term.

• On the downside, stop-loss is set at RM4.15.
  

Source: Rakuten Research - 11 Sep 2024

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