Powerwell’s buying interest is back after it broke out of the 3-week bullish flag pattern with a long white candle 2 sessions ago. With the stock pushing near its all-time high and supported by rising EMAs, likely indicates that the upward momentum may be picking up. A bullish bias may emerge above the RM0.42 level with stop-loss set at RM0.38, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.50, followed by RM0.55.

Entry : RM0.42–0.44

Target : RM0.50, RM0.55

Exit : RM0.38

Source: AmInvest Research - 8 Apr 2024