Gamuda may rise higher after it hit a new multi-year high with a white candle yesterday. The stock also broke out from the 1- month bullish pennant pattern, which coincided with rising EMAs, indicating that the near-term uptrend may persist. A bullish bias may emerge above the RM4.50 level, with stop-loss set at RM4.25, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.80, followed by RM5.00.

Entry : RM4.50–4.57

Target : RM4.80, RM5.00

Exit : RM4.25

Source: AmInvest Research - 25 Jul 2023