Muhibbah Engineering (M) may trend higher after breaking above the RM0.70 resistance and hit its 4-month high on Friday. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a few candles back, this bullish crossover has enhanced upward momentum. A bullish bias may emerge above the RM0.70 level, with stop-loss set at RM0.65, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.80, followed by RM0.85.

Entry : RM0.70–0.725

Target : RM0.80, RM0.85

Exit : RM0.65

Source: AmInvest Research - 14 Aug 2023