Malayan Cement broke out from a 2-week bullish pennant pattern on Friday, implying that its previous uptrend may have resumed. With the stock cracking above the RM3.90 resistance and pushing near its multi-year high, a positive outlook can be expected here. A bullish bias may emerge above the RM3.90 level, with stop-loss set at RM3.68, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM4.50, followed by RM4.70.

Entry : RM3.90–4.04

Target : RM4.50, RM4.70

Exit : RM3.68

Source: AmInvest Research - 27 Nov 2023