AMMB Holdings is poised to extend the upside movement after it breached the resistance on strong volume. The counter broke past the MYR4.20 resistance to form a “higher high” bullish candlestick. Trading volume has increased in tandem with its share price, showing that momentum is strong now. Riding on the momentum, the counter should test the next resistance at MYR4.40, followed by MYR4.60. On the other hand, falling below the MYR4 support will negate the bullish setup.

Source: RHB Securities Research - 8 Jan 2024