Alliance Bank Malaysia is poised for a continuation of its uptrend, as it bounced off the support while heading towards the immediate resistance of MYR3.45 yesterday on strong volume. If the breakout above that level remains intact – thereby printing a “higher high” bullish pattern, we expect the stock to hit the MYR4.00 mark, followed by the next resistance of MYR4.35 – the highest level since Feb 2019. In the event it drops below the MYR3.20 support, the stock may resume its downtrend, forming a “lower low” bearish pattern.

Source: RHB Securities Research - 8 Feb 2022