We expect further upside for Perak Transit after it recouped the previous session’s losses and pushed higher from its RM1.05 low yesterday. In view of the uncovered upside gap formed on 1 November and coupled with its rising EMAs, the bullish momentum is likely to pick up further. A bullish bias may emerge above the RM1.05 level, with a stop-loss set at RM0.99, below the upside gap support. Towards the upside, the near-term resistance level is seen at RM1.20, followed by RM1.30.

Entry : RM1.05–1.12

Target : RM1.20, RM1.30

Exit : RM0.99

Source: AmInvest Research - 10 Nov 2022