After consolidating for nearly a month, Focus Lumber finally broke above the bullish rectangle formation (the RM1.40–1.55 range) yesterday. This breakout indicates the resumption of its previous uptrend. With the stock posting another white candle and pushing near its 52-week high, the bullish momentum may be present now. A bullish bias may emerge above the RM1.55 level, with a stop-loss set at RM1.45, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.70, followed by RM1.75.

Entry : RM1.55–1.60

Target : RM1.70, RM1.75

Exit : RM1.45

Source: AmInvest Research - 27 Apr 2022