KUALA LUMPUR (Feb 19): RHB Retail Research said AMMB Holdings Bhd’s price is in the midst of extending the upside movement and testing the immediate resistance.

In a trading stocks note on Monday, the research house observed the stock’s price charting a series of “higher highs” and “higher lows”, showing that a strong bullish momentum is underway.

“In the event its price breaks past the RM4.40 resistance, we should see the counter’s price climb towards RM4.60, followed by the RM4.80 level.

“Conversely, falling below the RM4.20 support kicks off the correction phase,” it said.