We expect further upside for Malaysia Smelting Corporation after it surged higher from its RM3.78 support on Friday. With the bullish harami pattern formed on 16 Feb, we expect further upside from here. An upbeat bias may emerge above the RM3.95 level, with a stop-loss set at RM3.75, below the 21-day EMA. On the upside, the near-term resistance level is seen at RM4.40, followed by RM4.60.

Entry: RM3.95–4.20

Target: RM4.40, 4.60

Exit: RM3.75
 

Source: AmInvest Research - 21 Feb 2022