Parkson’s buying momentum is back after it broke out of the 3-week bullish flag pattern with a long white candle yesterday. The stock hit its new 52-week high and left an upside gap a month ago, which indicates a bullish signal. A bullish bias may emerge above the RM0.22 level, with a stop-loss set at RM0.19, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.26, followed by RM0.28.

Entry : RM0.22–0.235

Target : RM0.26, RM0.28

Exit : RM0.19

Source: AmInvest Research - 1 Aug 2023