We expect further upside for Mi Technovation after it posted a long positive candle and hit a new 52-week high a few sessions ago. In view of the uncovered upside gap formed on 13 May and together with rising EMAs, the upward momentum is likely to pick up further. A bullish bias may emerge above the RM2.20 level with stop-loss set at RM2.03, below the 13 May low. Towards the upside, near-term resistance level is seen at RM2.60, followed by RM2.80.

Entry : RM2.20–2.32

Target : RM2.60, RM2.80

Exit : RM2.03

Source: AmInvest Research - 17 May 2024