Ajiya may rise higher after it recouped the previous session’s losses and pushed higher from its rising 20-day EMA yesterday. Given that the stock has broken out from the 7-week bullish triangle formation as well, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM1.16 level, with a stop-loss set at RM1.08, below 21 Sep’s low. Towards the upside, the near-term resistance level is seen at RM1.30, followed by RM1.40.

Entry : RM1.16–1.21

Target : RM1.30, RM1.40

Exit : RM1.08

Source: AmInvest Research - 21 Oct 2022