We believe buying interest for Sime Darby Property is back after it pushed out from a 1-month bullish rectangle pattern yesterday. The stock also posted 2 white candles in a row and hit a new multi-year high, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM0.94 level with stop-loss set at RM0.85, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.05, followed by RM1.10.

Entry : RM0.94–0.96

Target : RM1.05, RM1.10

Exit : RM0.85

Source: AmInvest Research - 30 Apr 2024