Choo Bee Metal Industries’ buying momentum is back after it broke out of the 1-month bullish flag pattern with a long white candle yesterday. With the stock pushing near its 52-week high, which coincides with its rising 20-day EMA, the bullish momentum may be present now. A bullish bias may emerge above the RM2.25 level, with a stop-loss set at RM2.09, below 11 May’s low. Towards the upside, the near-term resistance level is seen at RM2.45, followed by RM2.50.  

Entry : RM2.25–2.31

Target : RM2.45, RM2.50

Exit : RM2.09

Source: AmInvest Research - 26 May 2022