We expect further upside in Coastal Contracts after it gapped up and closed above its 20-day EMA on Friday. As the stock also broke out of the 3-month downtrend line derived from February’s high, it may see additional strength in the coming sessions. A bullish bias may emerge above the RM1.80 level, with a stop-loss set at RM1.69, below 24 May’s low. Towards the upside, the near-term resistance level is seen at RM2.10, followed by RM2.20.

Entry : RM1.80–1.89

Target : RM2.10, RM2.20

Exit : RM1.69

Source: AmInvest Research - 30 May 2022