We expect further upside for Poh Huat Resources after it posted a long white candle and surged to a new 52-week high a few sessions ago. Given that the stock has broken out from a 3-month bullish rectangle pattern, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM1.38 level, with stop-loss set at RM1.31, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.50, followed by RM1.60.

Entry : RM1.38–1.40

Target : RM1.50, RM1.60

Exit : RM1.31

Source: AmInvest Research - 5 Feb 2024