TAS Offshore broke out from a 1-week bullish pennant pattern yesterday, implying that its previous uptrend may have resumed. In view of the uncovered upside gap formed on 4 Jan and coupled with rising EMAs, upward momentum is likely to pick up further. A bullish bias may emerge above the RM0.55 level, with stop-loss set at RM0.47, below the 4 Jan low. Towards the upside, nearterm resistance level is seen at RM0.65, followed by RM0.70.

Entry : RM0.55–0.575

Target : RM0.65, RM0.70

Exit : RM0.47

Source: AmInvest Research - 11 Jan 2024