Together with the long white candle and the breakout of the 1-month bullish pennant pattern seen on Friday indicates that P.I.E. Industrial’s buying momentum is back. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in mid-Jan, the uptrend may continue in the near term. A bullish bias may emerge above the RM3.20 level, with a stop-loss set at RM2.93, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM3.50, followed by RM3.80.

Entry : RM3.20–3.27

Target : RM3.50, RM3.80

Exit : RM2.93

Source: AmInvest Research - 27 Feb 2023