Alliance Bank Malaysia is poised to resume its uptrend rebound after testing the MYR3.56 immediate resistance yesterday on higher trading volume. If a breakout happens above that level, the bulls may propel the stock towards the MYR3.75 resistance or YTD high, followed by the MYR3.93 next resistance, ie the 52-week high. However, falling below the MYR3.44 support would indicate a downtrend, as it would form a “lower low” bearish pattern – trading below the 21-day SMA line.

Source: RHB Securities Research - 17 Aug 2023