We believe the buying interest for Bonia Corporation is back after it pushed out from the 1-month bullish flag pattern albeit marginally yesterday. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in early Dec22, the uptrend may continue in the near term. A bullish bias may emerge above the RM2.30 level, with a stop-loss set at RM2.13, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.50, followed by RM2.70.

Entry : RM2.30–2.33

Target : RM2.50, RM2.70

Exit : RM2.13

Source: AmInvest Research - 6 Jan 2023