JAKS Resources may extend its upward trajectory after it broke above the RM0.29 resistance with a long white candle two sessions ago. The 20-day and 50-day EMAs are converging and likely to confirm its bullish crossover soon, indicating a positive signal. A bullish bias may emerge above the RM0.29 level, and the bullish momentum should lift it towards the subsequent resistance levels of RM0.34, followed by RM0.36. Towards the downside, stop-loss set at RM0.265, below the 20-day EMA.
Entry : RM0.29–0.305
Target : RM0.34, RM0.36
Exit : RM0.265
Source: AmInvest Research - 23 Aug 2022
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