We expect further upside in Kobay Technology after it gapped up and pushed above the RM3.00 psychological mark yesterday. As the stock also broke out of the 8-month downtrend line derived from Dec 2021’s high a few candles back, it may see additional strength in the coming sessions. A bullish bias may emerge above the RM3.00 level, with a stop-loss set at RM2.73, below 2 Aug’s low. Towards the upside, the near-term resistance level is seen at RM3.40, followed by RM3.60.

Entry : RM3.00–3.14

Target : RM3.40, RM3.60

Exit : RM2.73

Source: AmInvest Research - 5 Aug 2022