Hong Leong Industries may rise higher after it gapped up and hit a new multi-year high yesterday. The stock’s move above the RM11.80 resistance coupled with rising EMAs indicate that the near term bullish trend may persist. A bullish bias may emerge above the RM11.80 level with stop-loss set at RM10.50, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM13.00, followed by RM14.00.
Entry : RM11.80–12.12
Target : RM13.00, RM14.00
Exit : RM10.50
Source: AmInvest Research - 28 Aug 2024
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