P.I.E. Industrial broke out from its 7-week downward channel with another white candle, implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs are converging now and likely to confirm its bullish crossover soon, the stock looks positive in the near term. A bullish bias may emerge above the RM3.00 level, with a stop-loss set at RM2.83, below 14 Jul’s low. Towards the upside, the near-term resistance level is seen at RM3.40, followed by RM3.60.

Entry : RM3.00–3.15

Target : RM3.40, RM3.60

Exit : RM2.83
 

Source: AmInvest Research - 20 Jul 2022