We expect further upside for Frontken Corporation after it pushed above the key RM3.40 resistance and hit a new 52-week high a few sessions ago. As the 20-day and 50-day EMAs have established their bullish crossover since mid-Jun, the current upward momentum may continue in the near term. A bullish bias may emerge above the RM3.40 level, with stop-loss set at RM3.13, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM3.80, followed by RM4.00.

Entry : RM3.40–3.50

Target : RM3.80, RM4.00

Exit : RM3.13

Source: AmInvest Research - 20 Jul 2023