We expect further upside in Texchem Resources after it pushed above the RM1.80 mark and hit a new multi-year high on Friday. The stock also broke out from the 1-week bullish pennant pattern, which coincided with a runaway gap, likely indicating that the near-term bullish trend may persist. 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 RM2.20.  

Entry : RM1.80–1.87

Target : RM2.00, RM2.20

Exit : RM1.63

Source: AmInvest Research - 28 Mar 2022