Powerwell Holdings may rise higher after it gapped up and hit a new multi-year high 2 sessions ago. In view that the 20-day and 50-day EMAs are starting to turn upwards, a positive outlook can be expected here. A bullish bias may emerge above the RM0.28 level with stop-loss set at RM0.26, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.34, followed by RM0.36.

Entry : RM0.28–0.305

Target : RM0.34, RM0.36

Exit : RM0.26

Source: AmInvest Research - 27 Feb 2024