Cnergenz’s buying interest is back after it broke out of the 2-week bullish flag pattern with a long positive candle on Friday. As the 20-day and 50-day EMAs have established a bullish crossover since early May, the current upward momentum may continue in the near term. A bullish bias may emerge above the RM0.73 level with stop-loss set at RM0.66, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.80, followed by RM0.85.

Entry : RM0.73–0.755

Target : RM0.80, RM0.85

Exit : RM0.66

Source: AmInvest Research - 27 May 2024