We expect further upside for Press Metal Aluminium given that it took out the 11-week downtrend line yesterday. As its 20-day and 50-day EMAs are converging now and likely to turn up soon, upward momentum is rising. A bullish bias may emerge above the RM4.80 level, with stop-loss set at RM4.60, below the 6 Oct low. Towards the upside, near-term resistance level is seen at RM5.20, followed by RM5.40.

Entry : RM4.80–4.92

Target : RM5.20, RM5.40

Exit : RM4.60

Source: AmInvest Research - 17 Oct 2023