We believe the buying momentum on QL Resources is back following its breakout above the key RM5.00 resistance with a long white candle on Friday. As the 20-day and 50-day EMAs have confirmed their bullish crossover a week ago, the stock looks positive in the short and medium term. A bullish bias may emerge above the RM5.00 level, with a stop-loss set at RM4.86, below the 50-day EMA. On the upside, the near-term resistance level is seen at RM5.40, followed by RM5.70.

Entry : RM5.00–5.13

Target : RM5.40, RM5.70

Exit : RM4.86

Source: AmInvest Research - 4 Apr 2022