We expect further upside for Berjaya Food after it broke above the key RM1.10 resistance with a long white candle 2 sessions ago. Together with the positive slopes of its EMAs and a new multi-year high, the bullish momentum appears to be picking up. A bullish bias may emerge above the RM1.10 level, with a stop-loss set at RM1.01, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM1.25, followed by RM1.30.

Entry : RM1.10–1.13

Target : RM1.25, RM1.30

Exit : RM1.01

Source: AmInvest Research - 14 Feb 2023