Aeon Co. may trend higher after it broke above the RM1.48 resistance and hit a new 52-week high yesterday. With the 20-day EMA remaining above the 50-day EMA since a bullish crossover in early May, the uptrend may continue in the near term. A bullish bias may emerge above the RM1.48 level with stop-loss set at RM1.36, below the 50-day EMA. Towards the upside, nearterm resistance level is seen at RM1.60, followed by RM1.70.
Entry : RM1.48–1.49
Target : RM1.60, RM1.70
Exit : RM1.36
Source: AmInvest Research - 21 Aug 2024
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