Powerwell may rise higher after it gapped up and hit a new 52-week high on Friday. Given that the stock has broken out from a 3-week bullish flag pattern and together with its rising EMAs, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.26 level, with stop-loss set at RM0.23, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.30, followed by RM0.32.
Entry : RM0.26–0.27
Target : RM0.30, RM0.32
Exit : RM0.23
Source: AmInvest Research - 11 Sept 2023
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