Press Metal Aluminium may climb higher after hitting its new multi-year high with a long white candle yesterday. Given that this candle has broken out from the 3-week bullish pennant pattern, a bullish outlook can be anticipated here. An upbeat bias may emerge above the RM6.90 level, with a stop-loss set at RM6.49, below 21 Feb’s low. On the upside, the near-term resistance level is seen at RM7.50, followed by RM8.00.

Entry: RM6.90–7.07

Target: RM7.50, 8.00

Exit: RM6.49

Source: AmInvest Research - 3 Mar 2022