Teo Seng Capital surged to a new multi-year high with a long white candle yesterday, which likely indicates the return of buying interest. With a bullish hammer pattern coming off the rising 20-day EMA, we expect further upside from here. A bullish bias may emerge above the RM1.84 level, with stop-loss set at RM1.73, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.20, followed by RM2.40.

Entry : RM1.84–1.93

Target : RM2.20, RM2.40

Exit : RM1.73

Source: AmInvest Research - 6 Feb 2024