Padini’s buying interest is back after it rose above its 20-day EMA with a long white candle on Friday. The stock also closed near its 52-week high, implying that the upside swing from the bullish engulfing pattern (red arrow) may persist in the near term. A bullish bias may emerge above the RM3.35 level, with a stop-loss set at RM3.16, below the bullish engulfing pattern support. Towards the upside, the near-term resistance level is seen at RM3.60, followed by RM3.80.

Entry : RM3.35–3.45

Target : RM3.60, RM3.80

Exit : RM3.16

Source: AmInvest Research - 23 May 2022