Press Metal Aluminium’s buying interest is back after it broke out of the 1-month rectangle pattern with a long white candle a few sessions ago. As the 20-day and 50-day EMAs are converging now and likely to confirm its positive crossover soon, the current bullish momentum may continue in the near term. A bullish bias may emerge above the RM6.35 level, with a stop-loss set at RM6.08, below 7 April’s low. Towards the upside, the near-term resistance level is seen at RM7.00, followed by RM7.40.

Entry : RM6.35–6.60

Target : RM7.00, RM7.40

Exit : RM6.08

Source: AmInvest Research - 15 Apr 2022