Kelington Group’s buying interest is back after it broke out of the 2-week bullish flag pattern with a long white candle yesterday. With the stock posting 2 white candles in a row and pushing near its multi-year high, the upward momentum appears to be picking up. A bullish bias may emerge above the RM2.20 level, with a stop-loss set at RM1.98, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.50, followed by RM2.70.

Entry : RM2.20–2.33

Target : RM2.50, RM2.70

Exit : RM1.98

Source: AmInvest Research - 23 Jan 2024