Ancom Nylex may trend higher after it surged to a 4-month high and closed above the RM1.04 resistance (the Sep high) on Friday. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a few candles back, this bullish crossover has enhanced the bullish momentum. A bullish bias may emerge above the RM1.04 level, with a stop-loss set at RM0.99, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.15, followed by RM1.20.

Entry : RM1.04–1.08

Target : RM1.15, RM1.20

Exit : RM0.99

Source: AmInvest Research - 27 Dec 2022