We expect further upside for Hume Cement Industries after it posted a long white candle and broke out from the 3-week bullish pennant pattern yesterday. With the stock pushing near its all-time high, supported by rising EMAs, this likely indicate that upward momentum may be picking up. A bullish bias may emerge above the RM1.90 level, with stop-loss set at RM1.78, below the 50- day EMA. Towards the upside, near-term resistance level is seen at RM2.20, followed by RM2.30.

Entry : RM1.90–1.99

Target : RM2.20, RM2.30

Exit : RM1.78

Source: AmInvest Research - 29 Nov 2023