Malaysia Smelting Corporation may trend higher after it formed a long white candle and broke above the RM2.30 resistance on Friday. Given that the 20-day and 50-day EMAs are starting to turn upwards, a positive outlook can be expected here. A bullish bias may emerge above the RM2.30 level, with stop-loss set at RM2.18, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM2.60, followed by RM2.80.

Entry : RM2.30–2.42

Target : RM2.60, RM2.80

Exit : RM2.18

Source: AmInvest Research - 31 Jul 2023