We expect further upside for Leong Hup International after it pushed above the RM0.65 resistance and hit a new 52-week high on Friday. The stock also broke out from a 3-week bullish pennant pattern, likely indicating that near-term upward momentum may persist. A bullish bias may emerge above the RM0.65 level, with stop-loss set at RM0.59, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.75, followed by RM0.80.

Entry : RM0.65–0.665

Target : RM0.75, RM0.80

Exit : RM0.59

Source: AmInvest Research - 6 Nov 2023