AMMB’s price is in the midst of extending the upside movement and testing the immediate resistance. We have observed the stock’s price charting a series of “higher highs” and “higher lows”, showing that a strong bullish momentum is underway. In the event its price breaks past the MYR4.40 resistance, we should see the counter’s price climb towards MYR4.60, followed by the MYR4.80 level. Conversely, falling below the MYR4.20 support kicks off the correction phase.

Source: RHB Securities Research - 19 Feb 2024