We expect further upside for Malayan Cement after it broke above the RM3.80 resistance and hit a 52-week high yesterday. As the stock also broke out of the 11-week bullish falling wedge pattern a week ago, upward momentum appears to be picking up. A bullish bias may emerge above the RM3.80 level, with stop-loss set at RM3.56, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.30, followed by RM4.50.

Entry : RM3.80–4.02

Target : RM4.30, RM4.50

Exit : RM3.56

Source: AmInvest Research - 10 Nov 2023