We believe that the buying momentum on Texchem Resources is back following its breakout above the 1-month bullish flag pattern two sessions ago. Together with the positive slopes of all its EMAs and a new 52-week high, we expect further upside from here. A bullish bias may emerge above the RM1.53 level, with a stop-loss set at RM1.36, below the 20-day EMA. On the upside, the near-term resistance level is seen at RM1.70, followed by RM1.80.

Entry : RM1.53–1.57

Target : RM1.70, 1.80

Exit : RM1.36

Source: AmInvest Research - 7 Mar 2022