Hume Cement Industries’ may rise higher after hit its new 52-week high with a long white candle yesterday. Given that the stock has also broken out from a 1-month bullish ascending triangle pattern, we expect further upside from here. A bullish bias may emerge above the RM2.30 level, with stop-loss set at RM2.08, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.60, followed by RM2.80.

Entry : RM2.30–2.46

Target : RM2.60, RM2.80

Exit : RM2.08

Source: AmInvest Research - 5 Jan 2024