Together with the white marubozu candlestick and the breakout of the bullish pennant pattern seen on Friday indicates that Excel Force’s buying interest is back. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a few candles back, this crossover has enhanced the near-term upside bias. A bullish bias may emerge above the RM0.41 level, with a stop-loss set at RM0.38, below the 1 Jun low. Towards the upside, the near-term resistance level is seen at RM0.45, followed by RM0.48.

Entry : RM0.41–0.425

Target : RM0.45, RM0.48

Exit : RM0.38

Source: AmInvest Research - 6 Jun 2023