AMMB is resuming its bullish trajectory after staging an upside breakout with a white candlestick. The stock printed a fresh bullish candlestick and closed above the MYR5.60 resistance level, showing that bullish momentum is picking up again. After the breakout, we expect the counter to continue its “higher high” movement and test the MYR5.90 level,followed by MYR6.20. On the downside, a fall below the MYR5.35 support level will dent market sentiment and kickstart a correction.

Source: RHB Securities Research - 27 Jan 2025