Mieco Chipboard may trend higher after it broke above the RM0.65 resistance (February’s high) and hit its 10-month high yesterday. Given that this candle has broken out from the 6-week bullish rectangle pattern, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM0.65 level, with a stop-loss set at RM0.61, below the 20-day EMA. On the upside, the near-term resistance level is seen at RM0.75, followed by RM0.80.

Entry : RM0.65–0.675

Target : RM0.75, 0.80

Exit : RM0.61

Source: AmInvest Research - 22 Mar 2022