We expect further upside for Malayan Cement after it posted a long white candle and hit a new 52-week high on Friday. The stock’s move above the RM5.00 psychological mark coupled with rising EMAs indicates that the near term bullish trend may persist. A bullish bias may emerge above the RM4.90 level with stop-loss set at RM4.52, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM5.30, followed by RM5.50.

Entry : RM4.90–5.04

Target : RM5.30, RM5.50

Exit : RM4.52

Source: AmInvest Research - 26 Feb 2024