Binasat Communications’ buying momentum is back after it broke out of the 3-week bullish rectangle pattern with a long white candle yesterday. As the 20-day and 50-day EMAs confirmed their bullish crossover a few weeks ago, the stock looks positive in the near term. A bullish bias may emerge above the RM0.30 level, with a stop-loss set at RM0.27, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.33, followed by RM0.35.

Entry : RM0.30–0.305

Target : RM0.33, RM0.35

Exit : RM0.27

Source: AmInvest Research - 13 Jun 2023