Bermaz Auto may extend its upward trajectory after it broke out from its one month ascending triangle pattern. With the stock recorded a new 52-week high and backed by the rising 20-day EMA, this has enhanced the bullish momentum. A bullish bias may emerge above the RM1.95 level, and the bullish momentum should lift it towards the subsequent resistance levels of RM2.10, followed by RM2.13. Towards the downside, the stop-loss is set at RM1.83, below the 25 Oct’s low.

Entry : RM1.95-1.98

Target : RM2.10, RM2.13

Exit : RM1.83

Source: AmInvest Research - 1 Nov 2022