We believe Pappajack’s near-term upside move remains intact after it formed a bullish hammer pattern in its latest trading session. As the stock also broke out of the 4-month downtrend line 3 weeks ago, it may see additional strength in the near term. A bullish bias may emerge above the RM0.59 level, with a stop-loss set at RM0.56, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.65, followed by RM0.70.

Entry : RM0.59–0.605

Target : RM0.65, RM0.70

Exit : RM0.56

Source: AmInvest Research - 25 Apr 2023