Malayan Cement may trend higher after it surged to a new 52-week high and closed above the RM3.35 resistance yesterday. In view 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 RM3.35 level, with a stop-loss set at RM3.18, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM3.70, followed by RM4.00.

Entry : RM3.35–3.45

Target : RM3.70, RM4.00

Exit : RM3.18

Source: AmInvest Research - 17 Aug 2023