Global Oriental broke out from its 11-week bullish triangle pattern with a white marubozu candlestick yesterday, implying that its previous uptrend may have resumed. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in late May, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.33 level, with a stop-loss set at RM0.31, below 5 Aug’s low. Towards the upside, the near-term resistance level is seen at RM0.38, followed by RM0.40.

Entry : RM0.33–0.355

Target : RM0.38, RM0.40

Exit : RM0.31

Source: AmInvest Research - 9 Aug 2022