Alliance Bank may rise higher after it formed a second consecutive white candle. In view that the 21-day SMA line is likely to begin turning upwards, this also implies a positive outlook sentiment. A bullish bias may emerge above the MYR4.08 level, with an exit set below the MYR3.93 threshold. Towards the upside, the immediate resistance is at MYR4.27. This is followed by the MYR4.40 level.

Source: RHB Securities Research - 14 Dec 2018