ATA IMS broke out from its 3-week bullish pennant pattern with a long positive candle yesterday, implying that the previous uptrend may have resumed. The stock pushing near its multi-year high and supported by rising EMAs likely indicates that the upward momentum may be picking up. A bullish bias may emerge above the RM0.53 level with stop-loss set at RM0.49, below the 9 Jul low. Towards the upside, near-term resistance level is seen at RM0.60, followed by RM0.65.

Entry : RM0.53–0.555

Target : RM0.60, RM0.65

Exit : RM0.49

Source: AmInvest Research - 10 Jul 2024