The stock appears to have found support above the 20-day EMA after its pullback from the 52-week high. The month-long triangle breakout that happened 2 days ago underpins a positive bias. The near-term uptrend remains intact as long as the stock holds above the said EMA.

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) remain in consolidation, which is in line with the current sideways trend.

We think that aggressive traders may want to go long here or on weakness with a stop-loss set at RM0.165. On the upside, prices has the potential to push on from here and test the resistances at RM0.21 and RM0.22 next.

Source: CGS-CIMB Research - 17 Apr 2024