We expect further upside for Teladan Setia Group after it formed a long white candle and hit a new multi-year high yesterday. In view that the 20-day and 50-day EMAs are starting to turn upwards, a positive outlook can be expected here. A bullish bias may emerge above the RM1.23 level, with a stop-loss set at RM1.12, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.50, followed by RM1.60.

Entry : RM1.23–1.34

Target : RM1.50, RM1.60

Exit : RM1.12

Source: AmInvest Research - 15 Nov 2022