Date: October 15, 2024
Broker Name: CGS International
Stock Overview
Alliance Bank Malaysia (Stock Code: 2488) provides a comprehensive range of commercial banking services for both retail and institutional customers. These services include savings and current accounts, fixed deposits, investments, loans, insurance, wealth management, phone banking, and business cards. The bank serves customers in both Malaysia and Singapore.
Technical Analysis
As of October 15, 2024, the stock price of Alliance Bank Malaysia stands at RM4.48. The stock formed a long white candle, signaling potential bullish momentum after establishing a base above its 50-day Exponential Moving Average (EMA) over the past few weeks. The price has also approached the verge of breaking out from a two-month rectangle consolidation.
Key Support and Resistance Levels
- Entry Price: RM4.38 to RM4.48
- Support Levels: RM4.26 (Support 1), RM4.15 (Support 2)
- Resistance Levels: RM4.59 (Resistance 1), RM4.72 (Resistance 2)
- Stop Loss: RM4.25
Target Prices
Alliance Bank Malaysia is targeting further upward movement beyond its all-time high of RM4.59. The potential price targets are set at RM4.72 and RM4.90.
Technical Indicators
- Moving Average Convergence Divergence (MACD): Strengthening, indicating a rising buying momentum.
- Relative Strength Index (RSI): Showing improvement, further suggesting increased bullish momentum.
Investment Strategy
CGS International recommends that aggressive traders could consider going long on this stock, either at current levels or on weakness. The suggested stop-loss is placed at RM4.25, a tick below the last swing low. On the upside, the stock has the potential to break beyond RM4.59, targeting RM4.72 and RM4.90.
