We expect further upside in Bonia Corporation after it broke out from the 3-week bullish pennant pattern with a long white candle yesterday. With a new mulit-year high coupled with its rising EMAs, additional upside strength may be present in the near term. A bullish bias may emerge above the RM2.25 level, with a stop-loss set at RM2.03, below 18 April’s low. Towards the upside, the near-term resistance level is seen at RM2.50, followed by RM2.60.

Entry : RM2.25–2.36

Target : RM2.50, RM2.60

Exit : RM2.03

Source: AmInvest Research - 26 Apr 2022