EG Industries’ buying interest is back after it broke out of the 1-week bullish pennant pattern with a long white candle yesterday. As its 20-day and 50-day EMAs are converging now and are likely to turn up in the near term, upward momentum is rising. A bullish bias may emerge above the RM1.45 level with stop-loss set at RM1.34, below the 50-day EMA. Towards the upside, nearterm resistance level is seen at RM1.60, followed by RM1.70.

Entry : RM1.45–1.49

Target : RM1.60, RM1.70

Exit : RM1.34

Source: AmInvest Research - 25 Apr 2024