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