CB Industrial Product surged to a new multi-year high with a long white candle yesterday, which likely indicates the return of buying momentum. Given that this candle has broken out from the 3-week bullish rectangle pattern, coupled with its rising EMAs, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM1.45 level, with a stoploss set at RM1.36, below the 20-day EMA. On the upside, the near-term resistance level is seen at RM1.65, followed by RM1.70.

Entry : RM1.45–1.50

Target : RM1.65, 1.70

Exit : RM1.36
 

Source: AmInvest Research - 4 Mar 2022