Wellcall Holdings posted 2 white candles in a row and hit a new 52-week high yesterday, likely indicating the return of buying interest. Given that the stock has also broken out from a 3-week bullish pennant pattern, we expect further upside from here. A bullish bias may emerge above the RM1.43 level, with stop-loss set at RM1.33, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.60, followed by RM1.70.
Entry : RM1.43–1.49
Target : RM1.60, RM1.70
Exit : RM1.33
Source: AmInvest Research - 26 Sept 2023
Created by AmInvest | Dec 11, 2023