Eonmetall Group broke out from its 7-week rectangle pattern implying that a bullish reversal sign may have occurred yesterday. As the 20-day and 50-day EMAs are converging now and likely to confirm its bullish crossover soon, the current bullish momentum may continue in the near term. A bullish bias may emerge above the RM0.68 level, with a stop-loss set at RM0.61, below the 50- day EMA. Towards the upside, the near-term resistance level is seen at RM0.75, followed by RM0.80.

Entry : RM0.68–0.70

Target : RM0.75, RM0.80

Exit : RM0.61

Source: AmInvest Research - 28 Dec 2022