Cengild Medical broke out from its 3-week rectangle pattern with a long white candle yesterday, implying that a bullish continuation sign may have occurred. Coupled with the positive cross of its 20-day EMA above the 50-day EMA two weeks ago, this bullish crossover has enhanced the upward momentum. A bullish bias may emerge above the RM0.46 level, with a stop-loss set at RM0.405, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.50, followed by RM0.52.
Entry : RM0.46–0.47
Target : RM0.50, RM0.52
Exit : RM0.405
Source: AmInvest Research - 19 Aug 2022
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Created by AmInvest | Mar 27, 2024