S P Setia broke out from a 3-week bullish pennant pattern yesterday, implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs have established a bullish crossover since mid-July, the current momentum may continue in the near term. A bullish bias may emerge above the RM0.64 level, with stop-loss set at RM0.59, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM0.70, followed by RM0.75.

Entry : RM0.64–0.655

Target : RM0.70, RM0.75

Exit : RM0.59

Source: AmInvest Research - 9 Aug 2023