We expect further upside in Mieco Chipboard after it gapped up and pushed above the key RM0.70 resistance (March’s high) yesterday. Together with the white marubozu candlestick and a new multi-year high, the stock’s bullish momentum is picking up right now. A bullish bias may emerge above the RM0.70 level, with a stop-loss set at RM0.65, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.80, followed by RM0.85.

Entry : RM0.70–0.75

Target : RM0.80, RM0.85

Exit : RM0.65

Source: AmInvest Research - 14 Apr 2022