Powerwell may trend higher after it broke above the RM0.235 resistance and hit a new 52-week high 2 sessions ago. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in late-July, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.235 level, with a stop-loss set at RM0.21, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.27, followed by RM0.30.

Entry : RM0.235–0.245

Target : RM0.27, RM0.30

Exit : RM0.21

Source: AmInvest Research - 23 Aug 2023