AMMB Holdings is expected to jump higher towards its multimonth high after it crossed over the consolidation phase of MYR3.24 on strong trading volume yesterday. If the stock manages to sustain above that level, expect it to continue propelling towards the immediate resistance of MYR3.42, before possibly hitting the 11-month high at MYR3.46. On the other hand, falling below the MYR3.14 support would trigger the resumption of the downward correction – below the 21-day average line.

Source: RHB Securities Research - 6 Jan 2022