Coastal Contracts may rise higher after it closed above the key RM2.10 resistance and hit a new 52-week high two sessions ago. Together with its third consecutive white candle and a white marubozu candlestick formed on 2 Nov, indicating that there is still room to the upside from here. A bullish bias may emerge above the RM2.10 level, and the bullish momentum should lift it towards the subsequent resistance levels of RM2.40, followed by RM2.50. Towards the downside, the stop-loss is set at RM1.97 below the 20-day EMA.

Entry : RM2.10-2.20

Target : RM2.40, RM2.50

Exit : RM1.97

Source: AmInvest Research - 4 Nov 2022