We believe that buying interest on Choo Bee Metal Industries may have returned following its breakout above the 10-month downtrend line a few candles back. With the positive cross of its 20-day EMA above the 50-day EMA a week ago and the upside gap seen on 11 April, the bullish momentum is likely to pick up further. A bullish bias may emerge above the RM1.97 level, with a stop-loss set at RM1.89, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.10, followed by RM2.25.

Entry : RM1.97–2.02

Target : RM2.10, RM2.25

Exit : RM1.89

Source: AmInvest Research - 20 Apr 2022