S P Setia broke out from its 2-month bullish rectangle pattern with a long white candle yesterday, implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs have confirmed a bullish crossover since early January, the stock looks positive in the near term. A bullish bias may emerge above the RM0.95 level with stop-loss set at RM0.87, below the 50- day EMA. Towards the upside, near-term resistance level is seen at RM1.06, followed by RM1.10.

Entry : RM0.95–0.98

Target : RM1.06, RM1.10

Exit : RM0.87

Source: AmInvest Research - 13 Mar 2024