Alliance Financial Group Bhd (2488) Finance – RM5.06.
AFG is not only making a recovery, but is on the rise after Wednesday’s push saw the candle taking out the RM5.00 levels as well as the short -term wedge formation. Its momentum indicators shot up as a result of the upsurge and are still rising. Collectively, the above are positive signals and points to more short-term upsides.
For the time being, the RM5.20 level of RM5.28 will prove to be a formidable resistance to clear, but if it fails to clear, then the stock reverts to a neutral outlook. On the other hand, if it is cleared, then the stock is a trading buy. . The RM5.40 level will be next resistance level, before the top of the RM5.60 level comes into play.
by Mercury Securities
