We expect further upside for Hume Cement Industries after it gapped up and pushed above the RM3.00 resistance yesterday. The stock also posted 2 white candles in a row and hit its new multi-year high, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM2.90 level, with a stop-loss set at RM2.78, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM3.30, followed by RM3.50.
 

Entry : RM2.90–3.09

Target : RM3.30, RM3.50

Exit : RM2.78

Source: AmInvest Research - 22 Feb 2024