Malayan Flour Mills posted two white candles in a row and pushed above the RM0.675 resistance on Friday, likely indicating the return of buying interest. Coupled with the positive cross of its 20-day EMA above the 50-day EMA three weeks back, this crossover has enhanced the near term bullish bias. A bullish bias may emerge above the RM0.65 level, with a stop-loss set at RM0.62, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.72, followed by RM0.75.

Entry : RM0.65–0.685
Target : RM0.72, RM0.75
Exit : RM0.62
 

Source: AmInvest Research - 25 Apr 2022