Alliance Bank Malaysia is poised for a breakout after rebounding within the sideways range on Tuesday, as it surpassed the 21- day average line, on top of the improved trading volume. If the breakout above the MYR3.60 immediate resistance level happens, the positive momentum may propel the stock towards the next resistance of MYR3.71 or 22 Apr’ high, followed by MYR3.83, the highest level recorded since Feb 2019. However, the stock may reverse direction if it falls below the MYR3.48 support – as it may form a “lower low” bearish pattern below the 21-day average line.
Source: RHB Securities Research - 2 Sept 2022
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