Avaland may rise higher after it formed a long positive candle and hit a new multi-year high yesterday. The stock’s move above the RM0.365 resistance coupled with rising EMAs indicate that the near term bullish trend may persist. A bullish bias may emerge above the RM0.365 level with stop-loss set at RM0.33, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM0.40, followed by RM0.45.

Entry : RM0.365–0.37

Target : RM0.40, RM0.45

Exit : RM0.33

Source: AmInvest Research - 15 May 2024