Stock Picks Of The Day – Alliance Bank Malaysia, Gabungan AQRS

Alliance Bank Malaysia is poised to resume its uptrend rebound after testing the MYR3.56 immediate resistance yesterday on higher trading volume.

RHB Research, in a note today (Aug 17), said if a breakout happens above that level, the bulls may propel the stock towards the MYR3.75 resistance or YTD high, followed by the MYR3.93 next resistance, ie the 52-week high.

However, falling below the MYR3.44 support would indicate a downtrend, as it would form a “lower low” bearish pattern – trading below the 21-day SMA line.

Gabungan AQRS is set for an uptrend reversal as it rebounded strongly above the 21-day SMA line – breaking above the MYR0.32 level.

If the breakout sustains, the stock is set to head towards the MYR0.35 resistance, followed by the MYR0.375 next resistance.

A drop below the MYR0.29 support – forming a fresh “lower low” bearish pattern – would dent sentiment and spark a downtrend.

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