We believe the buying interest on Infoline Tec Group is back following its breakout above the 7-week downward channel with a white candle yesterday. In view of the uncovered upside gap formed on 18 Oct and coupled with its rising EMAs, the bullish momentum is likely to pick up further. A bullish bias may emerge above the RM0.42 level, with a stop-loss set at RM0.38, below the upside gap’s support. Towards the upside, the near-term resistance level is seen at RM0.47, followed by RM0.50.

Entry : RM0.42–0.435

Target : RM0.47, RM0.50

Exit : RM0.38

Source: AmInvest Research - 26 Oct 2022