We believe the buying interest in Oriental Holdings is back after it broke out from the 5-week bullish falling wedge pattern with another white candle yesterday. With the bullish engulfing pattern coming off the rising 20-day EMA, we expect further upside from here. A bullish bias may emerge above the RM6.85 level, with a stop-loss set at RM6.48, below 14 April’s low. Towards the upside, the near-term resistance level is seen at RM7.50, followed by RM8.00.

Entry : RM6.85–7.04

Target : RM7.50, RM8.00

Exit : RM6.48

Source: AmInvest Research - 27 May 2022