S P Setia surged to a new 52-week high with a long white candle yesterday, which likely indicates the return of buying momentum. Given that the stock has broken out from the 1-week bullish flag pattern, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.89 level, with a stop-loss set at RM0.79, below the 23 Aug low. Towards the upside, the near-term resistance level is seen at RM1.00, followed by RM1.10.

Entry : RM0.89–0.92

Target : RM1.00, RM1.10

Exit : RM0.79

Source: AmInvest Research - 29 Aug 2023