We expect further upside for TAS Offshore after it surged to a new multi-year high with a long white candle on Friday. Given that the stock has broken out from a 1-month bullish pennant pattern as well, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM0.65 level, with stop-loss set at RM0.59, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.75, followed by RM0.80.

Entry : RM0.65–0.685

Target : RM0.75, RM0.80

Exit : RM0.59

Source: AmInvest Research - 4 Mar 2024