Bonia Corporation may trend higher after it formed a long white candle and closed above the RM2.10 resistance yesterday. As the 20-day and 50-day EMAs have confirmed their bullish crossover a week ago, the stock looks positive in the short and medium term. A bullish bias may emerge above the RM2.10 level, and the bullish momentum should lift it towards the subsequent resistance levels of RM2.43, followed by RM2.50. Towards the downside, stop-loss is set at RM1.88, below the 21 Nov’s low.

Entry : RM2.10-2.25

Target : RM2.43, RM2.50

Exit : RM1.88

Source: AmInvest Research - 2 Dec 2022