Ajiya may trend higher after it hit a new multi-year high with a white marubozu candlestick on Friday. As the 20-day and 50-day EMAs have established their bullish crossover since early September, the current upward momentum may continue in the near term. A bullish bias may emerge above the RM1.40 level, with a stop-loss set at RM1.25, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.60, followed by RM1.70.

Entry : RM1.40–1.44

Target : RM1.60, RM1.70

Exit : RM1.25

Source: AmInvest Research - 7 Nov 2022