Mega First Corporation may trend higher after hitting its new multi-year high with a long white candle yesterday. Given that the stock has broken out from a 1-month bullish rectangle pattern, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM4.50 level with stop-loss set at RM4.10, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM5.00, followed by RM5.50.

Entry : RM4.50–4.68

Target : RM5.00, RM5.50

Exit : RM4.10

Source: AmInvest Research - 19 Apr 2024