Bonia Corporation broke out from its 2-week rectangle pattern with another white candle yesterday, implying that a bullish reversal sign may have occurred. With the 20-day EMA staying above the 50-day EMA since the bullish crossover in early December 2021, the uptrend may continue in the near term. A bullish bias may emerge above the RM1.80 level, with a stop-loss set at RM1.63, below 21 March’s low. On the upside, the near-term resistance level is seen at RM2.00, followed by RM2.12.  

Entry : RM1.80–1.84

Target : RM2.00, RM2.12

Exit : RM1.63

Source: AmInvest Research - 24 Mar 2022