Alliance Bank Malaysia is looking to extend its bullish trajectory after breaking past the resistance level with strong volume. Yesterday, the stock closed above the MYR4.75 resistance level with a long white candlestick, showing that strong bullish momentum is in play. Premised on the momentum, we expect follow-through price action to test MYR5.10, followed by the MYR5.35 level. On the downside, a fall below the MYR4.55 support level would negate the bullish setup.

Source: RHB Securities Research - 12 Nov 2024