The third consecutive white candle and the breakout of the 2-week bullish pennant pattern seen yesterday indicate that AEON Co. (M)’s buying interest is back. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a week ago, this crossover has enhanced the near-term bullish bias. A bullish bias may emerge above the RM1.47 level, with a stop-loss set at RM1.38, below the 50-day EMA. On the upside, the near-term resistance level is seen at RM1.60, followed by RM1.65.

Entry : RM1.47–1.51

Target : RM1.60, 1.65

Exit : RM1.38

Source: AmInvest Research - 11 Mar 2022